Please be advised that this is only an idea, so you are responsible for any losses yourself.
In a market, everyone thinks they are a good trader. It could be more difficult to make money in this market in the coming years. Don't get me wrong. In the long term, I am still about the crypto market, but I do have my doubts about the Bitcoin . It would not surprise me that Bitcoin is no longer "The King" this year and that another crypto with better technology takes over the place. This could very well be Ethereum as an example. This chart looks better then BTC , but it could also be another currency. If bitcoin goes to $ 5000,- this scenario could happen within a few months. Personally, I don't have a long position in BTC since we broke support 1.
I know that a lot of people are about BTC , no problem, but I'm not. As you can see, we are trading in a new channel downwards. In my previous ideas I mentioned strong support levels twice. After breaking strong support (1) we saw big red candle. I warned a second time in my previous BTC-idea that a close below support 2, might trigger a pull back towards $9900,- and it happened. Now, I see a lot of $20.000,- predictions of traders here again. Let's see who will be right. Our next strong support line is (A). We already tested it once during the crash, but we closed above it. A close below this support line (A). Will trigger a quick pullback towards the 200ma. (Around 5000). Before we will test our new support line (A), we might see a recovery towards $15.000. If this happens I will open short short positions again, like I did in my previous idea with a SL above the channel line. We will have a low risk then and a great profit potential. Even if support A holds.
Short: At the top of the channel line.
- Bottom of trend channel
- 7500 (Just to secure profits)
- 200ma (around 5000 now)
SL: Above channel line
I'm sorry for the Bitcoin lovers and good luck!
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Questions? Feel free to ask and your feedback is welcome!
What we see is a recovery as expected. Please be advised that there is room towards $15.000 before the pullback. Next resistance is 50ma.
BTC is trading towards our support line again. Another test of support (3) and (a) might be possible and a close on the daily chart below will take us to our $5000,- target rapidly. If we bounce this support level, we still have much room to recover towards $15.000,-.
A lot of the bigger alt-coins are trading around strong support levels. (For example ETH, LTC and BTC) When the next two days will be red, this will almost automatically lead to a break of these support levels and another crash for the crypto market. It is good to be prepared for this scenario, to avoid big losses.
There is still room for BTC to trade towards $14.200 - $14.600 levels. I'll open my short positions here.
We are trading towards our first target.
Strong support (a) is broken. This might be a new strong resistance level for BTC.
Support 3 is a strong support since December. A close below this support will lead us towards the 200ma (green line) quickly.
At the moment, I've a small short position in Bitcoin.
I'm sorry that I didn't post any updates. I'm very busy these first months of the year.
We reached our last target 10 days ago (see included chart).
What we see is a recovery from our last target. I'll post a new BTC (short) idea soon.
Please find my new BTC idea here!
yeah i checked your TA. I agree with the general idea of retesting the lower support but every resistance i see was crossed after some hours. big bull trap or i'm missing the rally. cashed/cashing out the way up.
Well, we broke two times a strong support level on 30-12 and 16-1. This was the sign for me to be bearish on BTC. and I'm still bearish. It was nice to see that we perfectly touched our last target (200ma). It wasn't 5000 anymore at that moment.
I'll try to post a new short idea today. :)