EylemCulculoglu

BTC bull trend is over. Price will drop.

Short
BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
As you know, I do not short Bitcoin often. I wait for an opportunity for a re-entry and always make long positions.

According to my analysis, bull trend is over and price will drop. You can either short BTC , or wait for a re-entry position for long.

Tom Demark count gave a green 9 on the daily chart . This means bull trend is over. I expect up to 9 days of down trend starting from tomorrow. Which means we might have a down trend till 16th of November (Segwit2x hardfork date).

Stoch RSI is overbought and price hit the upper bollinger bands , which confirm my time analysis.

Here is my forecast:

Scenario 1:
Price will drop to 0.5 fibonacci level 6800 and will rise from there.

Scenario 2:

6800 will not hold as it is not a strong support area and price will drop to 5725 major support area .

Worst Cast Scenario:

5725 will not hold and price will drop to 4765 - next strong support area .


I think Scenario 2 is more likely.

Here is the trading idea for shorters:

Short at: 7500
Take profit at: 6800
Stop loss: 7800





Comments

This gives no signal on stoping. TD9 looks like is not doing much at the moment after 16 hours. Any update of your analysis. I shorted prematurely at 7300. Lol
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Shorting BTC when the momentum is so bullish is quite risky. Don't forget to set a stop loss. Of course price will have to correct someday but beware of the bulls ...
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