Bitcoin / TetherUSShort
Bitcoin with a bearish rising wedge. Target 28-30000 USD.
Updated
Dear friends,
I have made a new analysis of Bitcoin the leader of all cryptos.
Unfortunately, after the nice rise, we now see a different situation. Clearly a bearish rising wedge can be seen. This pattern has shown itself 4 times before and each time resulting in a downward movement.
So I go short with a target of 28 to 30000 usd. The stop on this short is 36000 USD.
We also clearly see the orange trend channel which is the new range for Bitcoin until it breaks out above 41000 usd. A downside below the orange trend line is a new bear market with targets up to 16500 USD.
Also note the volume is declining. You would also expect the recovery to be faster and certainly with more volume. Only the long hammer candle was on high volume but this was clearly an intervention by the large funds.
A rise above 36500 and then a pullback will invalidate this pattern. Then the level of 36000 USD is a level to go long but it remains to be seen at that moment and what other patterns, volume has formed.
Dear friend, you can also check out my previous Bitcoin Analysis.
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 💚
I have made a new analysis of Bitcoin the leader of all cryptos.
Unfortunately, after the nice rise, we now see a different situation. Clearly a bearish rising wedge can be seen. This pattern has shown itself 4 times before and each time resulting in a downward movement.
So I go short with a target of 28 to 30000 usd. The stop on this short is 36000 USD.
We also clearly see the orange trend channel which is the new range for Bitcoin until it breaks out above 41000 usd. A downside below the orange trend line is a new bear market with targets up to 16500 USD.
Also note the volume is declining. You would also expect the recovery to be faster and certainly with more volume. Only the long hammer candle was on high volume but this was clearly an intervention by the large funds.
A rise above 36500 and then a pullback will invalidate this pattern. Then the level of 36000 USD is a level to go long but it remains to be seen at that moment and what other patterns, volume has formed.
Dear friend, you can also check out my previous Bitcoin Analysis.
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
DetailsDear friends, here you can see the stop loss and the targets in the chart. In order to go Long, a level of 36500 must first be reached and then we can (possibly) see from the situation buy on a pullback as the RSI is already overbought.
You can easily recognize the bottom by the volume. Without volume spike, there is NO bottom.
Please be aware of the tricks in the market. The big funds are playing chess right now!
Friends, please share your opinions and ideas so we can have more useful information together.
Thanks and happy trading
Note
Important! WEDGE- INV.HS AND DOWNWARD TRENDLINEI was still analyzing and see that we also have an inverted head and shoulder formation on the 3 hour chart.
So the bearish rising wedge, the inverse head shoulder formation and a blue downward trend line from the top.
So it's just a matter of waiting to see what's going to happen. Probably just when we are sleeping something happens.
The short stop loss should be raised to 36800. The level above the blue downtrend line. For those traders going for the reverse head shoulder formation a stop loss at 33300. That is the level of the left shoulder. Or on the sidelines until there is more clarity.
Happy trading en please post your comments dear friends!
Note
Dear friends,The trend line of this pattern on 5 minutes chart has been broken.
Target 30600 USD.
Trade active
Bitcoin has formed a bearish wedge / flag in the downward channel. A result of a positive divergence in RSI and other indicators. We can normally expect a further decline soon especially since volume is not rising with the price.
Trade closed: target reached
Target reachedDear friends, the goal of this short trade has been met. I will make another analysis soon. Dear friends,If you want want to go long then you need to put a stop below the last low. Those who want to go LONG more safely will do so only when we have set a higher high (33000) and then get another pulback to buy it not at the highest price.
Once the higher high is set, you can zoom in to a lower timeframe to find a good opportunity preferable when price is oversold with a Stochastic or RSI. That is one method but there are so many like candlestick patterns, horizontal support and resistance etc.
As you know, I do not expect scenarios below 28000 yet, but of course I will change my mind immediately if we would drop below that. This market is continuously manipulated to shake everyone out of the tree but fortunately that will not work ;-)
I wish you all very good profits and happy trading!
Note
Dear Friends,a small update, a smaller inverted head shoulder formation has emerged.
Target 34000. All this within a newly formed symetrical triangle (orange lines)
Happy trading!
Note
DIamondDear friends,
In addition to this inverted head shoulder formation, we also see a diamond pattern. Target approximately top of the symmetrical triangle if it breaks out to the upside and otherwise BTC will look for the bottom of the triangle again.
Note
Higher TargetsDear friends,
A breakout with perfect volume. This move should continue upwards. We probably will see higher targets as we expected.
Happy trading!
Note
Neckline broken upwardDear Friends,
The neckline has been broken from the inverted head-shoulder formation. The volume is still low but that is because of the many resistances and fear.
Bitcoin is on its way to the major resistance of the trading range. Meanwhile anything can happen of course but this is a first target and it lies at 41-42000 usd
My advice, always use stops and money management. So max 1 to 2% risk for your total capital.
I wish you all happy trading en amazing profits!
Note
UpdateDear Friends,
Currently we are in the trading range between 28 and 41000. I expect the following to happen:
Currently the price of bitcoin is 33420 USD.
The price will most likely go to 34000 USD first and then drop to 31600.
After that, I expect another rise to 35000 USD.
We are still in a rising trend with a higher high. Now we have to see if we also set a higher low. That is the way trends work en it is pure price action without any indicator.
Good luck dear friends and happy trading!
Note
NO LONG UNDER 35450!Dear Friends,
I am afraid to tell you that we are going to see pretty lower targets for Bitcoin!
At this point, I myself am NOT going to take a long position if the price of Bitcoin doesn't get above 35450. So before a higher high is set it is currently bearish!
Good luck dear friends and happy trading!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.