First, I should note that this is my first idea after a long hiatus. It was very necessary and somewhat overdue but it's good to be back. Nothing like it. Panicked/Fat-fingering Mt. Gox trustees, Binance "Hack", and news of a Coinbase Index Fund to welcome me back into the crazy world that is Crypto.
COINBASE:BTCUSD is doin' thangs. Bears seem to be in control at the moment and FUD is in the air. No use in calling DOOM though. This is the way of BTC. It goes up, then down and sometimes we can make a buck or two as long as we don't get caught on the wrong side of things. I'm slowly easing into the TA; there are a lot of variables that have yet to settle
EWP: trying to figure out if its a truncated 5th wave [double top]. Volume: often precedes price so that enormous sell volume is not reassuring for bullish scenarios. Daily: price is testing 200SMA support on the daily. Weekly: possibly bearish engulfing candle forming...
so I've tossed my ideas and details on the 4hr chart Check it out, share your thoughts and trade smart.
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BTC has hit the first target of this possibly downtrend twice, forming a double bottom. This is likely what led to the FOMO that sent price shooting into the $9.7 - 9.9k range but former support at 9.6K has become new resistance and seller have driven BTC back down to its current support level of 9.2k. Though this support level is promising i would be wearing of opening longs in this ranging period as the strength of the selling seems to suggest there is more down to come. That combined with the possibility that this could also be a B Wave of the correction from 11.7K would suggest that optimal buying levels would be in the 8.7K to 7.6k range
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BTC has hit the second target of this downtrend and bounce back for a resistance retest. Though the downtrend has shown no signs of being complete there are possible scalp opportunities appearing. Leveraged Longs and Shorts on Bitfinex are at ATH levels and a MA Cross on the 4HR would suggest there is more volatility to come. Over-leveraged Bulls or Bears, when forced to cover or close their positions will drive price in one direction with the same intensity as the rise to 20K. The question is which side will win? More info in the photo. Thanks for keeping up with the updates
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Looks like the hidden bullish div. played out nicely. Testing resistance at 8.8K - 8.9K now. A support retest should be expected when the FOMO clears and profit taking begins but BTC is on track to turning this downtrend around. Cautiously bullish until the confirmation at 9.2K resistance test.
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Forgot to post updates! BTC met 9.2K resistance and failed to break. Currently in a short position from 9.2K and closing soon though there may be more down to come. first target hit. Second target in sight. No real cause for FUD besides the "death cross" on the daily. BTC is coming off a strong bullish rally at the end of what appears to be the correction from 11.7K. This could be the first wave of a new bullish trend or the larger correction from 20K may resume...
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Second target hit and BTC following up with a nice bounce. Currently in a long position from 8520K with a rough target of 8.8K. Skeptical about holding onto the long as BTC's pullback has been very bearish and may return to the larger bearish trend so I plan on closing it early if need be. Thanks for following this idea. Will update the chart in a new idea soon. Trade smart
There is no FUD. Dont be sheeple people. People Lost coins others mad major money Binance through api was compromised.
The FUD is a real deal. What do u think Bitmain, owners of bitconnect, or any other bad actors of exchanges not selling major BTC? They most def are.
So
FEAR bitmain,bitconnect, and other btc holders
UNCERTAIN about how many billion of usd they hold together
DOUBT Your holding and you will leave with some money. Dont look at"That could be me" IT CAN'T
The FUD is a real deal. What do u think Bitmain, owners of bitconnect, or any other bad actors of exchanges not selling major BTC? They most def are.
So
FEAR bitmain,bitconnect, and other btc holders
UNCERTAIN about how many billion of usd they hold together
DOUBT Your holding and you will leave with some money. Dont look at"That could be me" IT CAN'T