So BTC is now on it way down , weak hands tend to fold , smart folks wait to the point where to buy it again..
in all last cycles of bit it went down to 75-80 % of the peak
so this point in this cycle is around 16000$
20K is psychological barrier as bellow it real panic will start, so I expect that the bulls and bears will have strong fight here
so my long...
So as we see we had expected fall in the strength of the BTC.I went short at 55000 , which was very easy to spot even before Mask start his bullshit on the internet .
BTC broke the long channel suport line which is about 45000 but this was due to panic of sellers. a good spot to enter once it bounce back from it low around 30000 . so now it around 40000. I...
we can see that there is strong correlation between weak dollar and string EURO and the bull run of btc
at similar time around march 2020 when the market was at dip and the feds start the printing money due to covid . the btc sart to gain power as in the same time the dollar start to collapse. so money that regularly went to gold been diverted to crypto and BTC...
The answer is that there is a good chance for trend reversal soon
So i will wait little but i think gold need to go up again
why? US election is comming and there is alot of anticipation
for a crisis untill a winner will be declare . which will probably Not be at election day due to mail in voting.
So traders may buy gold again. wether now to buy it or to wait so...
I think there is very good chance soon for a good run up. once resistance will break 50
if it fail to do it , then expect it to crash to 45 even lower
but I think it will go to 55 and from there we see if it return to 60 or fall back again
I am long from 47 but the real deal will be if it pass the strong resistance at 50
So as we see from this analysis
BTC went truly bullish on April and now is at bearish zone from late june.
it not able to break the 9400-9500 resistance
each attemt of the bullls to break it fall away by the bears. sooner or later it probably will fall .
this is a gloom scenario as once it fall bellow 8900 it will crash to area of 8200 or 7900
on the other hand...
So the Long trend is very bullish so we are in a good trend up
the short is sell on the 4 hours rsi
i will enter when the rsi start to go up
my system of trade is easy
the long trend i use EASY stock indicator
The short trend I use Smooth rsi inicator.
So when long trend is postivte. i just go long and exit when rsi start to fall (see the high mark )
I enter Long around 228 -first target is 236
if it break this level then we can go to 240, 245 250
if it fail to reach the targets
as we see on the weakly trend we are still down (on daily we up -data not shown) , so if it fail 236 then expect to go back to 226 or even lower
Just my calculation on BTC . I think it need to keep 8700-8800. if t break this down next levels
i think it will hold 8700 as very strong support but let see . if it hold the attack of the bears I will go long:)
so we reach the highest resistance by weekly fib and the upper decending trend line in red ,
I expect a fall down before next try to around 10
over all this coin like to follow btc trend so if we see dump at btc then expect neo to fall
the RSI still bullish but look like its peak already . i think 11.2 is very strong resistance
unless some sharks decide otherwise:)
Ok so we have nice run up
btc is having problem at 9600 as both the upper decending trend line (red) and the linear channel seems to be forming very strong resistance. also 9700 is a key for the bullish trend to be succesfull
if we do not see break up to above 9700 then I probaly will go short on it . so lets see how it go
This is my trade I enter at 8900
all seems to be in good spot both the trend line RSI and DMI in the correct direction
i put the take profit for visualztion and the stop loss
if this trade fail then expect to see 8200:)
My opinion is that we are going to short if BTC will not break 9200
so I put short order on it . lets see how it go. risky but seems more likely secenario then long
I think the resistance at 9000 is very strong and real resistance level is 9200.
So it seems that the bears are winning as i put in past that 8700 is a good place to buy but there is higher chances for short then for long . On the other hand 8700 seems a key point and if was not the issue with the coronavirus and panick in market I would buy it .
so i sugest to just follow up . if it hold 8600-8700 -- then we can go up , if it fall to 8500 we...