Hi All,
If you have seen my previous updates on BTC, you would have known that I have been expecting BTC to bounce back to around the 7.6k - 8k price level. Hopefully I helped a few of you who were deciding to open short positions when BTC was @ $6900.
So, the inverse h&s played out, break above EMA20 as well as the trend line, but then got rejected by the EMA50. From what I can see, BTC might take another couple of days to just bouncing between the resistance (EMA50) and the support (EMA20 & red trend line).
If you look closely, I have amended my re-short level, to around the 7.3-7.6k mark. By looking at the price action and the Fibonacci set-up, I doubt that BTC will go above 7.8k.
To me, I am more towards shorting ETH at the moment, compared to BTC. Why? If you compare the BTC chart above against my previous TA on ETH, you can see that it is much easier to identify the good price range to open short positions on ETH.
PLEASE KEEP IN MIND that there still could be a trend reversal at $6000. Please watch the price action closely.
And, don't forget to "Like" :)
Taiwan Bear
******************************************************************************************
Please note this post is provided for informational purpose only. It is not a financial advice to buy/sell.
Some tips for you:
- Set up an entry/exit strategy for every trade, with the ideal risk/reward ratio (2+)
- Understand that every trade carries a risk, and don’t expect you can make profits from every trade
- When you follow a trader on TV, you want to follow someone who looks at the big picture, not just counting EW. And that trader should identify a trend/pattern that you don’t see.
If you have seen my previous updates on BTC, you would have known that I have been expecting BTC to bounce back to around the 7.6k - 8k price level. Hopefully I helped a few of you who were deciding to open short positions when BTC was @ $6900.
So, the inverse h&s played out, break above EMA20 as well as the trend line, but then got rejected by the EMA50. From what I can see, BTC might take another couple of days to just bouncing between the resistance (EMA50) and the support (EMA20 & red trend line).
If you look closely, I have amended my re-short level, to around the 7.3-7.6k mark. By looking at the price action and the Fibonacci set-up, I doubt that BTC will go above 7.8k.
To me, I am more towards shorting ETH at the moment, compared to BTC. Why? If you compare the BTC chart above against my previous TA on ETH, you can see that it is much easier to identify the good price range to open short positions on ETH.
PLEASE KEEP IN MIND that there still could be a trend reversal at $6000. Please watch the price action closely.
And, don't forget to "Like" :)
Taiwan Bear
******************************************************************************************
Please note this post is provided for informational purpose only. It is not a financial advice to buy/sell.
Some tips for you:
- Set up an entry/exit strategy for every trade, with the ideal risk/reward ratio (2+)
- Understand that every trade carries a risk, and don’t expect you can make profits from every trade
- When you follow a trader on TV, you want to follow someone who looks at the big picture, not just counting EW. And that trader should identify a trend/pattern that you don’t see.
評論:
My previous TA on ETH:
評論:
BTC had a false breakout of EMA50 and quickly dropped back below it, without much volume. MACD is also showing slowing down of buying momentum. These, to me, are bearish signs. Right now BTC is stucked in between EMA50, EMA20 & the red trend line.
Hence, unless there is a strong bullish signal, I will keep staying bearish.
Another thing I would like to point out is there have been a few people asked me whether "Potential short" means "short term target". No, it means "potential to open short positions". I think the best thing to do going forward is to remove the words and just leave the block there. What do you think?
Hence, unless there is a strong bullish signal, I will keep staying bearish.
Another thing I would like to point out is there have been a few people asked me whether "Potential short" means "short term target". No, it means "potential to open short positions". I think the best thing to do going forward is to remove the words and just leave the block there. What do you think?
評論:
Hi all,
There is not much I can update at the moment. BTC is still bearish and is now heading towards the 5.8-6k price range, which it might have a little bounce once BTC hits the bottom of the downtrend channel (blue). If there is no evidence of trend reversal, then I will be quite confident to say that my predictions on $4436 is likely to play out.
Good luck
There is not much I can update at the moment. BTC is still bearish and is now heading towards the 5.8-6k price range, which it might have a little bounce once BTC hits the bottom of the downtrend channel (blue). If there is no evidence of trend reversal, then I will be quite confident to say that my predictions on $4436 is likely to play out.
Good luck
評論:
Attention! For those that are thinking a new bull run is about to start, I have to warn you that the current BTC action is showing bearishness.
If you look at where my red block is, you can see that as soon as BTC touches the 0.618 retrace @ $6851.1, it got rejected. And right above it, is the EMA20. In this bear market, I really can’t see the bulls will succeed to break above it.
On the RSI, the bulls are trying to "maintain" the RSI trend line from falling below it. It looks like it can drop below the trend line any minute.
And, if you look at the size of the pole of the pennant, a break down of the pennant will be catastrophic, and will send BTC to 6k in no time.
If you look at where my red block is, you can see that as soon as BTC touches the 0.618 retrace @ $6851.1, it got rejected. And right above it, is the EMA20. In this bear market, I really can’t see the bulls will succeed to break above it.
On the RSI, the bulls are trying to "maintain" the RSI trend line from falling below it. It looks like it can drop below the trend line any minute.
And, if you look at the size of the pole of the pennant, a break down of the pennant will be catastrophic, and will send BTC to 6k in no time.
評論:
We are about to reach the end of the consolidation phase. Big movement soon. Either you are going long or short, please watch out.
30 mins chart:
30 mins chart:
評論:
Wow, a lot of people's SL got hit I think. BTC is now testing EMA20 on the 4hr chart.
評論:
評論:
It's still too early to tell whether BTC is moving up or continue down. If you look at the yellow block, as soons as BTC hits $6831.4 it got rejected. The bulls might have another few attempts and if the bulls manage to get above that price level, EMA50 will probably be tested.
Will keep you updated
Will keep you updated
評論:
Hi all, I know you probably are bored to death about the current price action. So, let me show you something interesting.
If you look at the daily chart, you can see the opening price on the 6th Feb, was at around the $6930 price level. And, if you look at the downtrend line in orange, the price level is at around the $6960 price level. This means that the price range $6930 - $6960 is quite an important price level.
BTC is currently at $6900. So, either you are going long or short, please watch the price action closely.
If you look at the daily chart, you can see the opening price on the 6th Feb, was at around the $6930 price level. And, if you look at the downtrend line in orange, the price level is at around the $6960 price level. This means that the price range $6930 - $6960 is quite an important price level.
BTC is currently at $6900. So, either you are going long or short, please watch the price action closely.
