Its been almost a full week since my last #Bitcoin post and still not much has changed. It was great to see that the level of resistance at $11,780, which was only $20 shy of the resistance target I called on my last post has held. From there we went on to hit my first target of $10,120, second target of $9,500 and find a low of $9,240 which is a 20% very predictable move. This brings to today and I am still leaning towards being bearish due to the fact that we still have not seen $12,300 level be broken.
To someone who does not have a trading plan or a strategy in mind, they will always be fooled by up moves like these and begin thinking that the tide has turned and their investment will begin to rise. It is very easy to get lost in the price action movements on any asset class, specially when you are checking your phone every 5 minutes or constantly throughout the day like most people do.
In the picture above we can see that I expect some resistance between the zone of $10,860 – $11,200. This means that we have missed the first resistance level by just under $30. It will be interesting to see what price does today and tomorrow as this will give huge insights to whats to come for the next 30 days.
If we can keep our bearish stance below $12,300 then i would expect the following targets:
Target 1: $10,000
Target 2: $9,000
Target 3: $8,500
Target 4: $7,200
Stay tuned this update might change quickly if important levels are broken.
Full disclosure: I have reduced my #BTC longs in the cash market with anticipation of a large move down but have not terminated the full position in case it does move through my levels and goes higher.
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