Prices are ranging in the 10.20 - 11.50 area and we are at the bottom of this range, which makes for a good long trade in the short term. Since the 200 EMA have been touched twice already and it looks like we are holding this 10.20 for now. I am expecting a big bounce through the 200 EMA on the 1H and a test of 11.50. A close below 10.10 would invalidate this trade.
Though this may just be a retracement of the downmove, but it is of good potential.
Expecting for price to reach just under 0.0475 and initiating a long position to target initially 0.057 for a nice 20% gain.
A 12H close below 0.0475 will invalidate this trade.
I have decided to just use the 12H charts as you can time longer term trends better.
Bitcoin is at an inflection point, yes we can either go up or down, but down is more likely. If it was to go up then I want to see a close above the 30 EMA on the 12H chart.
The next obvious support is at 7400.
As previously said, if ever price breaks back above 9200, I will turn bullish and here we are, now I am looking for a small retracement to 9100 area to enter a long trade.
Target potentials are 9600-9700 area or much higher above 10,000. For now the downmove has been negated. I do not know if this upmove is a continuation of a new bull market or just a double...
Very simple analysis. We are on a downtrend now and I still hold my view that verge will go under $0.01, and yes I do not care about how they are being used by the porn industry. However if for any reason that price managed to climb back above $0.08 in the coming days then I will admit that I am wrong.
Currently we are on a downtrend, remember that. The uptrend...
Price failed to rally above 10,000 and turned down, a big red bar announces that the bears have come out and the bulls are watching for now. Failing to rally above 10,000 is bearish for me and we are definitely going to under 5000. The drop will be relentless as it is the capitulation phase. Red bar after red bar on the daily chart will make any bulls give up...
Finally after waiting for what seems an eternity, I can safely say that the uptrend is over for now, we will have possibly a few days of downside action. Made a few losses trying to pick the top, but this should be a good one.
Open Short 8850
TP I want really low like 8000
WIll move the SL as price drops
Up moves and down moves that makes no sense means we are in a range, better wait for either side to break before deciding the next move. This range can go for some time before breaking. But generally this kind of strong upmove and ranging pattern suggests the next move is down instead of up.
I do not think Bitcoin has bottomed but current prices say up so I shall trade in the up direction. There are a lot of resistances from 8500 to 9000 so prices may slow down there. This correction seems to be ending soon.
Cant fight the trend, now this is a confirmed upmove for me for now. May go up to 9k and above. Alot of people are assuming that we have bottomed, though I doubt that but I will not fight this uptrend for now. Earning from upmoves is always good.
Target 9000 and above
What this move was getting rid of the weak shorts in the market. They were forced to liquidate their positions, especially on Bitmex where alot of people probably lost their accounts. But this upmove has probably ended and I am shorting this market. Now we can finally end this bear market.
I am not asking anyone to short with me, that is up to you.
What this upmove to 7000 tells me is that we will see another correction for the next few days. I am guessing the most possible formation is a running flat which goes well with the idea that we are in the final down move of this bear market. I will enter a small long position at the end of B to gain some profits and then enter a big short at the end of C. For now...
My intuition long trade was wrong, but surprisingly price managed to not hit my SL by 20 cents. And managed to turn a wrong trade into a profitable one, I must admit that was luck. But now everything is clear, I did expect this upmove and means that there will be a downmove to under 6200. This downmove should be fast and painful.
I take back my bear market is over analysis. Today's drop changes the my bias totally.
1. I was wary that 7500 was an important resistance that needs to be taken out. Price really got rejected that and that was a first sign that this market is not as bullish as I thought.
2. The big drop through 7200 made me bearish, even though I bought some at 7100, after...