The most important support zone now is the zone formed by the uptrend line and 6000.00-5000.00 levels. If the price can bounce from it, it will be the beginning of a new upward movement. The price will move to 10000.00 resistance level and the downtrend line. RSI is in the oversold zone and it is going to confirm price reversal. In spite of bearish signals from MACD and DMI, I think it's time for buying. This support zone is very important for Bitcoin and it can stop the falling market. If so, buying from the current levels seems a good investing for long run.
And what is your strategy now for Bitcoin? Please, share your ideas in comments.
6K bounce with the last "SMALL" "irrelevant" selling capitulation around 5.8K was not followed by strong up move with high volume, unfortunately.
So at this point what I showed you days after days about BTC did not play (fuck) and now we have to consider that even if BTC will go a bit up (we saw it now testing 7.4K), sideways for a while, the downleg is not finished.
We have to expect lower lows.
With that said, I would like to share this with you :
Risk/Reward (down and up) at this point to position ourselves in the market. (figures from bitstamp)
So 5.9K we had yesterday was not the low...
We have now different buy boxes ranges :
1) 5.1k 5.5K
2) 3.4K and 4.2K
3) 2.3K (I cannot imagine below 2.2K so I close my eyes to that)
A If we buy in the range (5.1k) and BTC goes lower to 2.3K : it is 55% downside to 2.2K, but 276% upside : 5/1 (20K btc as reference).
B If we buy in the range (5.1k) and BTC goes lower to 3.4K : it is 33% downside to 3.4K, but 277% upside : 8/1 (20K btc as reference).
C If we buy in the range (3.4K) and BTC goes lower to 2.3K : it is 33% downside to 2.2K, but 463% upside : 14/1 (20K as reference).
And I only take 20K as reference. But we can imagine BTC higher on longer term (1-2 years time).
I will add that Weekly RSI ( below 30 would be very good indicator as well ). We are around 44 for the moment.
Bagad
⋅
@Xtadeus, can u tell me what do u call strong up with high volume, i jus wanna learn
@Xtadeus, I agree that we'll go lower. But disagree about volume. Daily candle has the biggest volume so far. Check my idea if u want more than week's old regulary updated. Pretty much whole scenario was played out.
6K bounce with the last "SMALL" "irrelevant" selling capitulation around 5.8K was not followed by strong up move with high volume, unfortunately.
So at this point what I showed you days after days about BTC did not play (fuck) and now we have to consider that even if BTC will go a bit up (we saw it now testing 7.4K), sideways for a while, the downleg is not finished.
We have to expect lower lows.
With that said, I would like to share this with you :
Risk/Reward (down and up) at this point to position ourselves in the market. (figures from bitstamp)
So 5.9K we had yesterday was not the low...
We have now different buy boxes ranges :
1) 5.1k 5.5K
2) 3.4K and 4.2K
3) 2.3K (I cannot imagine below 2.2K so I close my eyes to that)
A If we buy in the range (5.1k) and BTC goes lower to 2.3K : it is 55% downside to 2.2K, but 276% upside : 5/1 (20K btc as reference).
B If we buy in the range (5.1k) and BTC goes lower to 3.4K : it is 33% downside to 3.4K, but 277% upside : 8/1 (20K btc as reference).
C If we buy in the range (3.4K) and BTC goes lower to 2.3K : it is 33% downside to 2.2K, but 463% upside : 14/1 (20K as reference).
And I only take 20K as reference. But we can imagine BTC higher on longer term (1-2 years time).
I will add that Weekly RSI ( below 30 would be very good indicator as well ). We are around 44 for the moment.