The Direction of Bitcoin in Q4

Updated

Following the old idea, I updated the idea because I needed a bigger picture.

In the white box section, bitcoin is likely to stay for a long time due to the period.

If there is a change, I will comment below.

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Followed by the last comment of the previous idea.

Trade closed manually

If bitcoin is resisted in the $12,200 area, there will be a big drop. Therefore, be aware of the variability in this regard.

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I think there are three possibilities.

1) Bitcoin comes down to $11,600 against $12,200 resistance.

2) After the correction wave in the white box section, the $12,200 section will be strongly pierced.

3) Including the above two cases, $11,100 should not be broken if the upward trend continues.

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The short-term support resistance is as follows:

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With the progress of the first plan, support and resistance are recalculated based on the home position.

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Bitcoin can go higher if it is supported on the white line. Low points may be renewed if support fails.

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Bitcoin is a form of resistance from the white line and supported by the green and blue lines, and it is highly likely to touch blue in terms of movement.

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Sells all long positions.

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There was a rebound near the blue line, but I think this is a technical rally rather than a sign of buying. I analyzed the overall market flow.

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Although bitcoin flow is quite twisted, it is a rounding top that accompanies volume as the neckline collapses.

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Depending on the shape of Rounding Top, you should consider when each neckline collapses to the next neckline.

And the neckline is as follows:

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It needs support from about $12,100 in order to turn upward again.

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The short-term support resistance is as follows:

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I won't buy long position until the tide turns.

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I think it was a meaningful drop. It is necessary to check if bitcoin does not fall off after passing through the white line.

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Bitcoin fell below the white line.

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Bitcoin was supported by the white line after being resisted at the orange line, and has since been supported by the week candle. If the results are correct, it is likely to reach $13,000.

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Correction Wave is end

Trade closed: stop reached

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The flow of currency is unusual. You'd better watch out for a sharp fall.

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The position is reconstructed based on the movement so far.

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Breaking the purple line increases the likelihood of a sharp drop.

Trade closed: target reached

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Avoid hasty position changes.
It's still in progress.

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I'll replace it with this by the end of the year.

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If Bitcoin deviates above $12,900 or below $8,700, it will go straight in that direction.

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short-term

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As mentioned on October 18th, it reached a high of $12,900 and sold all long positions and spot items.

Now it can fall anytime.

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I think the funds will be distributed to altcoins by the end of the year unless there is anything special.

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Trade closed: target reached

GOny_Stark

Related publications

The Direction of Bitcoin in Q3

by GOny_Stark

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