Things are not looking great for BTC at this time. Resistance level at 45k is looking very strong. I believe we are headed for the first support target at 36k.
From there, I see 2 scenarios: bounce back to heavy resistance at 45k again, or keep going down to clear support at 30k area.
People get ready for a quick drop to 39-40k range and a hard bounce. It can drop more, but it should close above that in the 4h
Longs vs shorts are too high (80% longs). The price is at support, that is true, but Bitcoin works this way, it needs to clear longs and liquidate players before it bounces
I expect after this we will have a bottom for a long time
I hate giving the bad news, but BTC and the market have hit a temporary top.
The market needs to take a break now and reach a strong support level. That level is at low 40k. This will be an epic place to go long to 100k
This is a great short opportunity. We just had a false break of 28000 which is the target of this second wave. Stop loss 28500
Make sure you have a stop loss because trying to find the top is a very dangerous game
If we manage to break the current key level and close above 24k, we could very well reach 26-27k quickly.
After that we could see a sharp drop that I may eventually reach 20k for a retest of major level
Most importantly, we are in all time highs, so be very careful if you even think about placing shorts
A few days ago I posted an idea that if we could have a strong break of 10k we could go up quite a bit.
That obviously did not happened and we are now headed to the bottom of the symmetric triangle. Fib .618 has been very reliable and it is a strong resistance right now.
First target is 7800s then 6200s.
I will post if I see a tight entry
If you see my history, I'm better at finding bearish scenarios. But this is not the case. If we get a solid break of 10k BTC will most likely rally to 13k fairly fast. Right now we are at a tough resistance. But if we can break these Fib levels, we are headed for a massive move.
BTCUSD has printed a picture perfect cup and handle. A break of 9500 will confirm the pattern. Targets are 10k, 10300 and 10900. Only issue I'm seeing is that altcoins are not reacting. They are actually dropping as BTC is moving up. I still believe BTC is king and if the cup and hanlde breaks to the upside, alts will follow
Clear cup and handle for ETH can take us to the 200s. Please be aware it is the weekend, which means that we will probably have fake breakouts.
For confirmation of the pattern, we need a close above 175 in the 4 hour
BTC is has crossed and held first resistance in the daily chart. Now it will face major resitance at the 7800s. I believe this will be a big road block and take us back to the low 5000s level. I will update once we get price action at the 7800s level for confirmation of the sell out
We are in a descending triangle pattern in the 15/1h time frame.
I think we are likely to go down due to major overhead resistance. But there is always a chance to break to the upside. Im 75/25 that it will break down. Careful with false breaks.
Its the weekend, so they are likely coming
LTC is rejecting previous support now resistance line in drawn turquoise. Once we reach 37 we will see the price action to see if we are able to form a double bottom (most likely) or if we keep on dropping
PureStructure here giving you precise entries, targets, and stop losses with good risk reward.
Happy trading and manage risk wisely