alexcph
Short

Where Will BITCOIN Go Next? I May Have The Answer.

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
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Whats up Traders.

My last trade idea was hidden by staff because of some violations, but in that idea I pretty much was looking at possible candidates for the bottom of the bear market. My pick was $4175 and we ended up bouncing at $4000.

I did have a second candidate at $3000, and looking at current price action I would say $3000-$3600 could very well still be in play. This bounce that we've had from $4000 wasnt too convincing and now the current price action for BTC is not looking good.

Looking at the chart, we have moved from the top 50% of the range to the bottom of it. and now are forming the shape of a possible descending triangle , which for the new people out there means its looking to go down more aka bearish . EMAs are also acting as resistance. Ive hidden them on the chart to keep the chart as clean as possible.

Therefore I think we will go down further unless we break up from the 50% range of $4400. I was long after we bounced but since we moved to the bottom 50% of this range I've changed my position to short, both on ETH and BTC . Stop loss will be above the 50% range.

Maybe this descending triangle will be the formation that will lead us down to 3000-3600 price level.

If you are looking to buy BTC on spot, I def think you should get some now, and keep 50% of your fiat to buy at lower or higher levels. This is till a great price point and even if we went down to lower levels you will lose max 30-40% in value and you can dollar cost average down to a decent level that will be great for gains once a new bull run starts after some months of consolidation.

If youre looking to margin trade, then shorting off the EMAs is a great way with good R:R. If it manages to drop without you getting in or you want to wait for confirmation of a drop , then get short in on the 9 EMA on 15m timeframe. You wont have much time, because the capitulation move will be fast and violent.

GL trading.

- Alex Copenhagen
Comment: I want to add that in this big descending triangle, we are currently also forming an ascending triangle.

Decision time might be here sooner than we think. If we break up from this triangle into the top 50% of the range, price action will look more bullish but doenst mean we are at a local bottom..

Watching this price action closely. As a trader its not important that you are right or wrong. Its important that you adapt to the change and make money.

Comment: Please do leave a LIKE on this post for more exposure, Its really appreciated.
Trade active: Breaking down from the ascending triangle. Currently short on BTC and ETH.

Comment: Most likely we come up to retest the diagonal before further downside.
Comment: Retest on the diagonal done. We've moved further down. As you should be able to tell bulls are defending these levels, so nothing is certain yet.

But trade going according to plan. Ive taken 30% off my position to secure some profit since a high volume sell ended up with a hammer on the 15min.

Comment: ETH might take the lead and make BTC drop. Over the past month, ETH has sometimes lead BTC in price action.



Remember to leave a LIKE guys and Ill keep you updated.
Comment: 4H just closed under the range. Sometimes descending triangles can have fake breakdowns or breakouts before reversing, so its important to stay flexible, but if we continue down, we need to break through 4k, which wont be easy.

After that next stop should be 3,6k. I will be taking profits along the way.

Comment: Remember to leave a LIKE if youre enjoying this content. Thanks!
Comment: Profits taken. Shorts closed. Lol this is the 1min chart. Lets see where the bottom will be.

Hope some of you followed this trade, if you did you made a killing.

Please leave a LIKE.

Comment: Reopened small short at 3650 when we retested support turned resistance. Its a bit risky but GAMBOOOOL!
Comment: Got carried away with this short, Closed half to short further up if possible.
Comment: Shorting right into this is a bit too risky. If we drop under it though..

maybe we already hit the bottom $3430, what do you think
Reply
alexcph WoonhK
@WoonhK, Its hard to say. We could have hit the bottom at 3.5k. The good thing about price action analysis is that we dont have to care about that. We just trade according to what previous levels are broken or not. Right now a change in market structure on the lower timeframes is happening so we can start targeting higher prices.
+1 Reply
WP!
+2 Reply
alexcph LAinNorway
@LAinNorway, Thanks!
Reply
Shorting right into this doesnt make sense :)

Reply
WoonhK alexcph
@alexcph, it will make sense, right?
+1 Reply
BITCOIN low low and LOW till 2000K . Every level we predicted it touching down from 6000 to 2000
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Hi, Bitcoin through the ages.
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what violations
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