Please be advised that this is only an idea, so you are responsible for any losses yourself.
This is only an update of my previous idea BTC -1.60% idea, but I post this updated chart and explanation to keep a clear overview of it. (See related ideas for the previous updates) We reached our first target $9600 and we are heading towards our next target. I'm short for an average of $11.318,02 be precisely and I took some profits at the first target. Yesterday, I changed my SL to $9550. So it's impossible to lose money in this trade for me now. I already made a huge profit.
I posted my previous idea when BTC was in a recovery, so a lot of people were targetting BTC on $20.000,- again. I posted my idea and I received some angry messages on Twitter and people called me crazy and an idiot. No hard feelings, but these are emotional messages and I think the chance is high that you are also not able turn of emotions in a trade. Please, turn of your emotions if you trade. I wish everyone the best and high profits. Let's say this: I'm not always right but I just follow my TA and I know I'm more often right then wrong. That's how I make my profits. If you don't agree, please post your chart and we can discuss it in a normal way. I like to see and discuss other ideas in a normal way. That's why we are here and how we learn from each other. :)
For me it's very simple: we are down $12.000 within 3 months. We saw three lower highs and a is formed. Sorry, but it's very clear for me that we are in a market and I'm happy that I'm not one of the HODL-ers. My Twitter followers know, that I have a 100% cash position in crypto for the first time since 2014. I sold all my positions on the 7th of March. It was a good choice for now. I'll buy back crypto when the time is there. E.g.: our final target 50ma weekly can be a good entry point. But first let's see how things will develop.
What we saw was a recovery in a downtrend where we are in since 12-30 after we broke a main support line. (Dotted red line). That downtrend was confirmed again after we broke another strong support. (2-16, red dotted line). We recovered towards resistance (2) as expected and we went down from there.
Support 1 is a strong , but I wouldn't be suprised if we will break it next days/ weeks. Around this we find the raising 200ma (our previous final target). This makes this level even stronger. A break through these supports will accelerate a big sell-off towards the raising weekly 50 ma (4200 now). I expect the 50ma weekly around 4400 when we reach it. A bounce from support 1 might give us the chance to expand short positions again around resistance 2, because we take partially profit at each profit target.
Target 1: 9600 (Reached: Previous idea)
Target 2: 7650 (support line 1)
Target 3: 6200
Target 4: 50ma weekly (Now 4200, then around 4400?)
In summary, we are in a downtrend and support (1) is going to be a though one. If we bounce it. I'll expand my short positions around resistance (2) and I'll take profit at the profit targets.
I'm sorry for the Bitcoin -1.60% -2.24% lovers again and good luck!
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Questions? Feel free to ask and your feedback is welcome!
A cup with handle triggered a quick recovery. Now a bullish flag is forming. I expect a continuation of the recovery towards 9.950-10.100. No worries we are still bearish. We can't go down in a straight line. :)
We just broke the double bottom of my previous update! A close below will take us to our second target quickly. We find a main support level for BTC here since July 2017. I'll take partial profit around $8010,- because this is a very strong support. I'll take profit a little bit earlier as mentioned in my original idea, because support (1) is a raising support. If we break this support (1) Bitcoin is officially in a long term downtrend and I expect a crash towards our $4400,- (50ma) price target within a few months! If we bounce from support (1) I'll expand my short positions again at higher levels.
Up to now we followed the EXACT same path but twice or thrice as fast. Does it mean we continue doing the same? Not necesserally. But I wouldn't risk going long lol.
Plus it looks very very much like some whales and making it look the same on purpose... With these 1000$ price up or down in 10 seconds 1k BTC orders.