Information we can gather right now at this moment:
Trading on the uptrend channel and so far respecting it.
We are also noticing lower highs on the very short term ( but that is non conclusive )
1: Volume : Decreasing bullish volume on the uptrend ( bearish )
2: RSI : RSI around 50 non conclusive so I back it up with Stoch RSI ( bullish )
3: MACD crossed towards Bear movement( bearish )
I am inclined to say BTC will definitely drop if it breaks the channel. I'm going to monitor this heavily. If it bounces back on the channel, we're going up to the next fib target where we will sell.
Right now, let's hold/wait.
Trading on the uptrend channel and so far respecting it.
We are also noticing lower highs on the very short term ( but that is non conclusive )
1: Volume : Decreasing bullish volume on the uptrend ( bearish )
2: RSI : RSI around 50 non conclusive so I back it up with Stoch RSI ( bullish )
3: MACD crossed towards Bear movement( bearish )
I am inclined to say BTC will definitely drop if it breaks the channel. I'm going to monitor this heavily. If it bounces back on the channel, we're going up to the next fib target where we will sell.
Right now, let's hold/wait.
Kommentar:
I want the price to drop to the 7950 ish so I can confirm a drop to 7575.
If the channel breaks, the fib target breaks, we are definitely seeing levels to 7500ish, and if that doesn't hold, we will retest 6000. ( which is completely healthy )
If the channel breaks, the fib target breaks, we are definitely seeing levels to 7500ish, and if that doesn't hold, we will retest 6000. ( which is completely healthy )
Kommentar:
confirmed short it
Kommentar:
Profits was made since this was posted.
Now, we are looking for the 7500 target. This target is very important as it will determine the outcome of the trend. If bitcoin drops below it, we are resuming downtrend and are heading to 6000. Else, this is just a dip and we are continuing our uptrend. I am betting on the downtrend, because of the volume we have seen today. This is where volume plays a huge role in making a decision.
Good luck with your trade
Now, we are looking for the 7500 target. This target is very important as it will determine the outcome of the trend. If bitcoin drops below it, we are resuming downtrend and are heading to 6000. Else, this is just a dip and we are continuing our uptrend. I am betting on the downtrend, because of the volume we have seen today. This is where volume plays a huge role in making a decision.
Good luck with your trade
Kommentar:
Trade went perfectly as expected. What do we do now? We wait to see if bitcoin can say above 8026. So far it's failing, and we can see a descending channel ( triple lower highs). We don't have enough volume. I am betting on a downtrend, but more data needs to be collected in few hours to confirm. We didn't break the 7500 fib level, that is a good sign. We might break it anytime though.
My recommendation: just wait like we did yesterday. Yesterday we waited for the 8026 fib line to break, and then we sold. We put a buy back order around the 7500-7600 ( fib target) for a bounce. We believe in bitcoin long term, so we don't care if we lose a bit of usd and win btc value. Hold till 7500 breaks, if it does, sell.
My recommendation: just wait like we did yesterday. Yesterday we waited for the 8026 fib line to break, and then we sold. We put a buy back order around the 7500-7600 ( fib target) for a bounce. We believe in bitcoin long term, so we don't care if we lose a bit of usd and win btc value. Hold till 7500 breaks, if it does, sell.
Kommentar:
I have quickly reanalyzed the chart and I'm updating the indicators :
- Volume low ( bearish)
- MACD reverse ( bullish )
- We broke the channel, and we are still in a downtrend channel ( right on the resistance line), so if it goes up by a 100 dollars, we should expect a small bull run
- Cup and handle forming right now ( could indicate a bull run )
- Volume low ( bearish)
- MACD reverse ( bullish )
- We broke the channel, and we are still in a downtrend channel ( right on the resistance line), so if it goes up by a 100 dollars, we should expect a small bull run
- Cup and handle forming right now ( could indicate a bull run )
Kommentar:
It resumed uptrend. We are now at the 8600 fib target, we will see resistance here. I will take my profits around 9200.
Kommentar:
Retesting 8000 fib level, if it breaks, we short again and set a buy order above 7500
Kommentar:
9300 confirmed profit taking, set sell order and rebuy back lower
Kommentar:
Great opportunity to trade fib levels today. I expected a bounce to 8800, then a drop to 8000. Should be nice gains. I will be swing trading it all day, if you are interested, follow my twitter, I'm setting up a discord channel and I'll share it there
I think we can short this.