Few days ago I gave you an update in the group that if you were long, $9200 & $9400 are the price level to possibly secure your profits. But if you were to open short, $9400-$9500 is the best price to short. Unfortunately the short opportunity was missed but it's fine as we didn't lose any money. You don't need to catch every market move.
The above chart is similar to the one in my previous analysis. Not surprisingly the first bounce was rejected @ $9,200 in which the drop to $7,700 ensued. If you are swing trading, you should still wait for the bounce to happen @ $7,700 to retest the immediate resistance @ $8470 and a retrace to around $8,000 to see if the drop can start to slow down (the yellow box). That will be a good place to enter long as you know there are buyers buying into the important support. Plus, you then have a good reference point to set your stop loss.
Previously, I provided you with a few trades on different timeframe (1hr, daily & long term investment). The were already closed with profits whereas the I have personally closed 30% of those positions near $10,000. Now, I am going to re-enter my investment positions using the 30% that I sold few weeks back.
One thing to keep in mind is that if Bitcoin violates $6,500, then sub 5k is likely. I certainly am not predicting whether Bitcoin will drop to 5k or not, I am just saying if it does drop to 5k I am ready to invest more. If you still remember, I still have 50% capitals waiting to buy the sub 5k.
Always remember to risk manage and money manage your positions and most importantly, support me with LIKES and COMMENTS :) Thank you!
Past analysis (click & play):
Education posts:
Comment
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Can you see why I kept telling you not to catch the knife unless you are investing or dollar-cost averaging?
You want to see if there are buyers stepping in first. (unless you are investing or dollar-cost averaging).
Now, just wait for market to give us more clues. We don't lose anything by waiting.
good work, you mid-term analysis are well-thought out
MMM107
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would love to see an update, are you seeing any strength or only weakness? maybe an idea of what to look for to get in, or what to do if you already are in? thanks in advance of any charting, your work is very good!
Dave-FX-Hunter
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Good chart.
ChrisHemsworth
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Anpu
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Good Chart!
This is my new analysis on Bitcoin
ProjectSyndicate
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My TP (6000USD) got hit. feel free to review. sub for more updates. good luck, traders.
BTCUSD 2D speculative 5wave setup: target 6000USD(UPDATE).