TomHall
Short

Bitcoin - Target $8,000 - $7,000

COINBASE:BTCUSD   Bitcoin / Dollar
Currency Pair: BTC             .USD
Time Frame: Daily
Predicted Direction: Short

Live BTC             .USD updates will be available in the comments section below.

The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
Should my daily predicted direction be incorrect no trade opportunity will be generated.
Kommentar: The Daily candle closed below $10k providing additional bearish information.
I suspect a pullback to $10.5k will occur prior to a continued push to the downside.
Kommentar: In my opinion there are 2 reversal areas to watch.
The first being the 38.20% which would also coincide with the 1hr 50EMA.
The second being the 61.80% which would coincide with the 4hr 50EMA.

snapshot
Kommentar: Always keep in mind the Daily & 4hr structure levels presented below.

Kommentar: Textbook 1hr 38.20% rejection.

snapshot
Kommentar: How to identify trade setups using the 50EMA

Kommentar: Price now breaking below the ascending trendline support outline above.
This for me now has all the legs to breach the $9k mark.
Kommentar: $9,000 mark has been breached :-)
Kommentar: Finally onto the final key area of $8,000 which i will personally await a reversal & long opportunity,
Kommentar: Price bouncing off $7,500, should this break i can only see the next level would be $5,500 as from my analysis above on the 21st January.
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@TomHall if this goes below the 7k range, do you think it means we have headed into a long term bear market for btc?
+1 Antworten
update - reorientation

snapshot

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NeverNO NeverNO
@NeverNO,

"NeverNO an hour ago
if there is a closing rate on a daily basis below 7888, then you should calculate even lower levels ... even 1.62% of the Fib extension or - "worst case" - all the way to 6107 ... "
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$8,000 mark also breached .Now what?
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Thanks, your analysis is the best! Keep em coming!
+2 Antworten
@Torreno, Thank you, appreciate the kind words.
+1 Antworten
update
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TomHall TOP dogalkozmatik
@dogalkozmatik, $8k level watching closely.
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7350 inwoning maybe even 5200! Check @HamadaMark
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TomHall TOP TeddytheBear
@TeddytheBear, Possibly, let's see where it stops :-)
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