Bitcoin / TetherUSShort
Bitcoin LONG - SHORT - SIDELINE? JUDGE FOR YOURSELF!
Updated
Dear friends,
A picture say more then a thousand words!
Certainly Bitcoin can rise to the many falling trendlines but the risk reward is far too low! Except when you sit for your computer with 15 amd 5 minute charts.
Then you can profit from small movements between the different resistances. But for normal trading it is not worth it to go LONG in my opinion.
I see the scenario with the Red arrows happening due to all the negative patterns along with the low volume.
There are 2 main shoulder formations 2 small bearish rising wedges and 2 large bearish rising wedges.
Sysmetric triangles and many descending trend lines.
No need to go short but at least stay on the sidelines until things are clear.
Personally I expect targets from the 3 red arrows. There are too many resistances, too much uncertainty, too little volume, too many negative patterns to safely go long.
Remember that the rectangle between 41 and 28k is a continuation pattern after a downtrend. Conversely, a rectangle after a rising trend is a bullish pattern, but here it is a bearish pattern.
Possibly we will see the old top this year but I don't see it happening until we have at least first seen the bottom of the rectangle again at 28k. That's where you have to be careful now because the traps are there. Think twice. No position is also making money if you can buy Bitcoin at lower levels!
A tip. Change the scale in the right side to "invert scale", you will get an inverted image and see things from a different angle which can be very refreshing!
Dear friends, please share your thoughts and idea's below. What do you think and why do you think it with or without a chart.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
A picture say more then a thousand words!
Certainly Bitcoin can rise to the many falling trendlines but the risk reward is far too low! Except when you sit for your computer with 15 amd 5 minute charts.
Then you can profit from small movements between the different resistances. But for normal trading it is not worth it to go LONG in my opinion.
I see the scenario with the Red arrows happening due to all the negative patterns along with the low volume.
There are 2 main shoulder formations 2 small bearish rising wedges and 2 large bearish rising wedges.
Sysmetric triangles and many descending trend lines.
No need to go short but at least stay on the sidelines until things are clear.
Personally I expect targets from the 3 red arrows. There are too many resistances, too much uncertainty, too little volume, too many negative patterns to safely go long.
Remember that the rectangle between 41 and 28k is a continuation pattern after a downtrend. Conversely, a rectangle after a rising trend is a bullish pattern, but here it is a bearish pattern.
Possibly we will see the old top this year but I don't see it happening until we have at least first seen the bottom of the rectangle again at 28k. That's where you have to be careful now because the traps are there. Think twice. No position is also making money if you can buy Bitcoin at lower levels!
A tip. Change the scale in the right side to "invert scale", you will get an inverted image and see things from a different angle which can be very refreshing!
Dear friends, please share your thoughts and idea's below. What do you think and why do you think it with or without a chart.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Note
INVERTED SCALE!Nice chart to go LONG right friends? But wait, I inverted the scale ;-)
A refreshing new look on the things!
Of course the labels are not bearish but bullish ONLY in this inverted scale! This is just to have another look at the charts!
I just mention this for new traders!
Please share your opinion, remarks, new idea's and so on.
By the way friends, do you know the technique of the inverted scale?
Note
Bitcoin marketcap is at a crucial level. Possible it will rise again!Note
Just the triangles in this chartA brief analysis on the triangles BTC is currently in.
On this 12 hour chart you see 2 symmetrical triangles dear friends. The large one has lost its value as the price has reached the point. It should normally break out at 1/2 tpt 3/4 but has not.
The small one however may still have value with targets 39495 or 29671 depending on the direction of the breakout. Interesting, the price is exact in the apex of the triangles right now.
There are many more patterns as seen in the full analysis. These triangles do not indicate direction until after a breakout has happened! Wedges and head shoulder formations however do suggest a possible direction most of them bearish.
On the 1 hour chart there is also an bullish ascending triangle but the bigger the triangle the more effect it will have with a breakout.
Would like to hear your opinions dear friends!
Note
We have a breakout to the downside on the purple bearish rising wedge. The first target is the green neckline from the head and shoulders formation.Good luck dear friends!
Note
Update,Dear friends,
Do not forget to also check this chart. It is simple with clear targets for going long or short. I does not need to be complicated ;-)
Note
UpdateDear Friends,
Bitcoin has already formed another bearish rising wedge. I think this time it is going down a little faster because of the price movements that were getting smaller and smaller. The volume is also ultra low so a rise has little support. The Rsi is not cooperating either.
As I wrote earlier, a big move is coming and most likely not upwards.
Here is also a chart showing a possible trajectory. Bitcoin should show movement but whether it happens right away we will have to wait and see. The chart here is how it could go and not a guarantee. The market is dynamic and if Bitcoin starts to rise again we will adjust the strategy as exactly described with the levels in the previous analyses still perfectly valid at this time!
We will follow the chart and take it step by step without long term predictions which won't help you at this point anyway.
Good luck and don't forget the stops dear friends!
Note
Target 1 has been met and target 2 has been met! and now on to target 3! Good day dear friends!
The Last HS formations are slightly redrawn and still perfectly valid. Just like the 3 major HS formations from my previous analyses.
Bitcoin is still in a downward trend channel. The neckline of the blue HS has already been retested, that of the orange could possibly be re-tested as well.
I expect a further decline and only at 33400 where the new stoploss lies will things improve.
Good luck and always trade with a stop loss.
Note
New bearish rising wedge.Good afternoon dear friends!
Please look at the chart.
Bitcoin formed a bearish rising wedge. IT is also at the point for the re-tests of the neckline again. BTC moves in the downward trendchannel.
A break above the red trendline will probably trigger a move to the upper side of the green channel. If it bounce on the red trendline which is the expected move it will continue to decline.
Wish you succes and profits!
Trade active
The bearflagThe bearflag has been broken so normally continuation of the downtrend.
Succes dear friends!
Trade active
The downward trend continues.As you all know from the analyses, I have no doubt about the direction of BTC, it is still short.
Very first target is of course the low of last time at 28800 and there you can expect a rebound of the price but now the target of 25000 is fast approaching. Catching a falling knife can result in a big loss. Before going long you need confirmation.
Good luck with trading dear friends!
Note
Dear friends,We continue the uodates now on the newest post.
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