BTCUSDT: 12H and 1H - potential LONG entry below 7500

Sep 29, 2019

Hello there!

1. Do not risk more than 2-3% per trade!
2. Always use stop-loss!
3. Do not FOMO!
4. Do not add to a losing trade

I would like to share my first post about the possible BTCUSDTmove in the short term. THIS IS NOT A FINANCIAL ADVICE so, please do not follow it if you are in doubt.

My global view on the current market condition is bearish. There is a very high probability of the price to go down in the next 4-5 months. However, I do not pay much attention to the long term goals but rather to the short-term trades.

I noticed that many people on TW see BTC going up from the current level. My personal view based on the 1H chart is that we may keep falling to at least 7500 before we bounce back to 8000-8500. So I would not try to sell now because the bounce can be quite sharp.

Sep 30, 2019

Note

Well, the drop was not as strong as I expected. Nevertheless, the retracement is happening and I expect the price to rise for the next week or so before it gets ready for another massive drop. How high can it go? No idea... 9000? Why not... Let's see what happens.

Oct 11, 2019

Note

...and down we go?

Initially, I set 8500 as the top boundary of the possible retracement and later said that it could go up to 9000. Currently it seems that the market plays nicely in the predicted direction. The final wick up to 8800-8900 depending on the exchanges, showed nice manipulation forcing people into buying. Also, it did stopped out many high-leveraged shorts that entered the market after the massive drop two weeks ago.

My next target is 6800-7000. Selling now at the current price might be a good idea. With stop-loss at 8750, the RRR could go up to 4:1 in the best-case scenario.