If Bitcoin gives you a lot of money in a few days, you should be thankful and take it, because if you don´t, Bitcoin will take your money instead.
Every Bitcoin rise repeats the same pattern over and over which i tried to show in my last chart.
But there was a mistake in my old chart. Bitcoin is in a parabolic move, so it does not make any sense to use a pitchfork in a linear chart. I corrected the pattern and now we have a logaritmic chart which covers the huge gains we may see in the future.
Today we got a good opportunity too add some longs, but beware! Bitcoin can be a beast and return to the same spot the rally started few weeks ago. Expect dumps until 5500 CNY. Don´t risk beeing liquidated or panic selling.
i do not recommend overleveraged longs for the next few days.
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that was quick! i hope u got some cheap coins
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we are retracing as expected and will probably advance to the red line of the pitchfork with spikes up to 7400 CNY. Expect volatile sideways movement between 6400-7400 CNY for the next days. Also expect another dump (yellow line) before chinese new year until further bulltrend continuation.
This is a good area to play pingpong with small non leveraged trades (long&short)
long 6200-6400 - short 7400-7100 high risk if you are not able to control your emotions.
5 trades, 5 bounces, close 200% volume portfolio usage after each bounce 12,5%, 15%, 17,5%, 20%, 25% please note each bounce will decrease volatility. timeframe 1-2 weeks
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too much manipulation and fudding. Lets wait for investigation of chinese exchanges on 17. January, before we continue. Intraday analysis is currently useless.
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If BTC can not pass the downtrend channel in the next 12-24 hours, we could see another leg down. prepare for this.
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next target 6800-7000 CNY 2x lev margin trade 20% capital alloc
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looks good, 400 CNY to hit my first target
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boring sideways, no dump, so buy
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first target hit, adjusted second target to 7400 CNY which is 61.8 FIB retracement
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4h Chart. its worth a try. target = both FIB Levels switch long after
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BTC was to strong. 7400 soon.
The Chart is complete for now, i will post a new one in the future
It will be interesting to see if this falling wedge will turn into a trend reversal.
Pato99
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@fulrik, it seems we are out of the falling wedge and will probably test the next resistance
happyluckydog
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thanks a lot.
Pato99
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@happyluckydog, i hope this helped you to keep a cool head during this madness. Everything below 5500 CNY is a good long term hold. Leverage still not recommended.
happyluckydog
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@Pato99, thanks for your update. I am still studying the bit coin to understand the safe way to buy and keep. Miss the chance to the increment.
Forget to mention happy new year. Thanks a lot.