Hello – This is what im seeing with BTC at present.
Bitcoin continues to consolidate;
Bounces off prior support yielded a c.61.8 recovery through consolidation, being capped by what is now solid declining resistance >1 year.
The consol. Occurring at 3k is showing similar behaviour to that at $6k, the corrective period so far in 2019 is the least severe in this bear market which is fairly encouraging, but low $3k need to be tested. A bounce from here would see a reasonable target of $3700 where new declining resistance starts to meet old.
Bitcoin will most likely need to have another hard retest of 3k. If it fails I see 1300 – 1800 range being likely where we would be headed but expect a significant bounce in this range… to the tune of 50% minimum. I would expect a new macro range between 3k and 1800 to form.
If Bitcoin manages to break out following a hard $3k test (meaning there is a fast move towards 4k and breaking the diagonal resistance, we will have a multi month consolidation between $3 and $6 (but more likely 5.5k)k.
My Plan is to trade the low 3ks looking for the 61.8, go to cash / short and then wait and see again at $3k.
See attached micro chart which i have been trading to.
Obviously if we break below 2950ish, im out and hunting the failed move = fast move target c. $1800-$1300 range. In reality I will probably average in / front run at $2k because I ultimately want to be long this market.
If you look at the attached Micro Sentiment anlysis, you will see that we are still currently lacking Short interest. I want to see a large increase in the shorts which meet a loarge spot buying interest at the $3k level.
I am 50/50 as to wether $3k will be the bottom and will be delighted to find out either way so we can get on with the next phase in this market.
At I expect this to play out is the second half of March at the very latest.
Best, filbfilb.
Telegram channel on t.me/cryptotraider
Twitter @filbfilb
Bitcoin continues to consolidate;
Bounces off prior support yielded a c.61.8 recovery through consolidation, being capped by what is now solid declining resistance >1 year.
The consol. Occurring at 3k is showing similar behaviour to that at $6k, the corrective period so far in 2019 is the least severe in this bear market which is fairly encouraging, but low $3k need to be tested. A bounce from here would see a reasonable target of $3700 where new declining resistance starts to meet old.
Bitcoin will most likely need to have another hard retest of 3k. If it fails I see 1300 – 1800 range being likely where we would be headed but expect a significant bounce in this range… to the tune of 50% minimum. I would expect a new macro range between 3k and 1800 to form.
If Bitcoin manages to break out following a hard $3k test (meaning there is a fast move towards 4k and breaking the diagonal resistance, we will have a multi month consolidation between $3 and $6 (but more likely 5.5k)k.
My Plan is to trade the low 3ks looking for the 61.8, go to cash / short and then wait and see again at $3k.
See attached micro chart which i have been trading to.
Obviously if we break below 2950ish, im out and hunting the failed move = fast move target c. $1800-$1300 range. In reality I will probably average in / front run at $2k because I ultimately want to be long this market.
If you look at the attached Micro Sentiment anlysis, you will see that we are still currently lacking Short interest. I want to see a large increase in the shorts which meet a loarge spot buying interest at the $3k level.
I am 50/50 as to wether $3k will be the bottom and will be delighted to find out either way so we can get on with the next phase in this market.
At I expect this to play out is the second half of March at the very latest.
Best, filbfilb.
Telegram channel on t.me/cryptotraider
Twitter @filbfilb
Kommentar:
$3700 target met
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Follow on Twitter @filbfilb
There is both a volume and price gap which may need to be critically tested here.