Further to my last post, the Bitcoin chart is still looking weak. The moves higher are not convincing at all and fizzle out. It's only a matter of time before supply exceeds demand and we see new monthly lows in Bitcoin.
(Right-click and open image in new tab for full-size)
Follow this analysis on TradingView: https://goo.gl/p5CmHE
Looking at the 4 hour chart, price has clearly broken the consolidation zone and now testing the demand at the $8,000 key psychological level. More importantly, the area slightly above at $8,200 as mentioned in previous post.
This is also a great place to enter into a SHORT trade as there will be a lot of stop loss orders just under the round number of $8,000 that will be smashed on the way down should this scenario eventuate. This is one reason why I NEVER trade support and resistance zones.
If and when price reaches the area near the $7,000 level, it will be important to observe how the Bitcoin price reacts to this level. Any signs of a weak rally is likely to see a break of the larger breakout pattern (see lower trendline) which has been forming. The projected target should a break of this larger timeframe pattern occur is $5,350.
We must remember that the long term trend is bearish and you want to be trading with the overall trend. For a bullish trade to be considered, we must see a move above the $11,800 price as mentioned in previous posts.
Until then, short trades are to be favored.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
I am counting on it. :) i hope you are right. my tether will be handy if it goes down to 5k.
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Me too:)
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damnit, so much for my EOS bull run. :/
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I believe our beautiful market is being immensely manipulated : (
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The smart players are only just entering the market too. It will get worse and before you know it the crypto markets will be boring :(
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Hi, thank you for contributing to Steemit!
I upvoted and followed you; follow back and we can help each other succeed 🙂
P.S.: My Recent Post
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You got a 2.95% upvote from @oceanwhale With 35+ Bonus Upvotes courtesy of @crypto-toast! Delegate us Steem Power & get 100%daily rewards Payout! 20 SP, 50, 75, 100, 150, 200, 300, 500,1000 or Fill in any amount of SP Earn 1.25 SBD Per 1000 SP | Discord server
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Thank you CryptoToast! I have a target laying around ~5610 which is in congruence with your analysis too. Man, seeing all the bullish Twitter posts it made me wonder.. is there anyone else at all thinking what I'm thinking. So there you go. I'm trading on a Daily chart nowadays and the amount of low quality trades that I'm skipping not day-trading is satisfying. And the trades that go through have the chance to really count towards account bottom line. Wish you good trading!
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Hey @bunker-tanks Trading the daily takes all the "noise" away and can give a clearer perspective. Not to mention less stress with a set-and-forget trade over a few days!
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