I've been watching Bitcoin for a while . The cycle analysis was working Bitcoin's last 2 drop into the daily cycle low. This time I'm going to publish it.
After yesterday's bearish pinbar we have the follow through and the daily swing as we broke below yesterday's low. The RSI is printing bearish divergence, and the MACD is crossing over at extreme levels. I'm not calling for a crash just a daily cycle low.
The 8 day RSI was signing the DCLs quite well in the past so I suggest to take profit when we tag the oversold territory. As the Bitcoin bubble getting more and more mature the pullbacks will be stronger and stronger. Bitcoin seems to have a special relationship with the 130 SMA. This time the DCL should be printed somewhere between 130 SMA (4159$ today) and the previous top at 4915$. Time range : 7-14 days from today. Stop : Above yesterday's high - 7900$ TP : 4900-4200$
Komen
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Seems to be working quite well. The only concern we are almost oversold at the RSI...
Komen
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I’m holding the shorts into the weekend.
Komen
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What a weekend! Everybody and his dog plus wife was selling Bitcoin. I suggest to take profit between 4500- 5000$. So the harvest might start tomorrow if this drop accelerates.
Komen
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Volume is getting high just as the previous DCL. Get ready if it turns it turns in a blink of a moment.
Komen
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I'm going to stop out the position at any move above 7950.
Ive been watching BITCOIN as well for 2-3 weeks looking for a short.. I was short earlier this week and got out as it went for another rally.. looks good on Daily as a double top and its a good trade to short.. I went short nicely from $7400. Love your analysis on your charts. thanks for your time.
Daniel_APM
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@chartwatchers , you didn’t take any partial profit at ~ 5700? Thanks!
JesseL
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What instrument are you trading BTC with?
wifi88
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I was checking each day if you give some update but seems BTC confused you as many others - me including. Double bottom played and here we are ranging between 6300-6600
chartwatchers
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@wifi88, I'm not confused. The trade is in profit I just don'T see any sense to update it every day.
I'm waiting for the next leg down.
I replaced the arrow, is it better now?
wifi88
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@chartwatchers, I don't know what was your entry point for this short but it brok all the ressistances and It seems playing as I said on no13- passing 6450 reasume uptrend. Here we are 1000pips above in just 3 days. BTC is .. totally manipulated market bubble and as far I noticed its very difficult to provide accurate prediction fot that.
wifi88
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That red line is working lovely so far, yet we have been twice in area of 5600 (and a bit bellow). and now again (including weekend) BTC is knocking at 6300 gates to pass the 6450 area and resume uptrend. What do you think about that Arpi?
wifi88
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@wifi88, Ressistance broken. So we had double bottom...