Possible Bitcoin Movements

Updated

I've charted some possible paths. Until we get some major movement the best call right now is a neutral one. I'll be updating as time goes by.

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I know it may sound unrealistic but I think we hold this line and pop up. Good trade setup with minimal loss if you place a stop right under it.

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We held the line :) Just a heads up that 8280-8300ish offers a lot of resistance. I expect that we may see a drop around there.

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This is the line I'm watching. I'm anticipating a move down but you never know...

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Bitcoin seems very bullish but needs to get above this trendline. The indicators and prevailing sentiment point to a move up. However, I opened a short position as we hit the trendline and put a stop just above it. Minimal loss if I get stopped out...big profits if we see a swing low.

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This has been a profitable trade. For what it is worth, my trading strategy is to buy on strong support and sell on strong resistance. I've found that it far less stressful and far more profitable to trade the swings and enter a position for weeks at a time. Unfortunately this also means that I don't update the charts as often as others. Please let me know if you would like more frequent updates as I don't know if many people read this :)

I've noticed many people on here blame whales, manipulation, unexpected news, etc. for their poor trades. By trading the larger time frames we can eliminate the feeling that other people control our success. (Apologies for the rant...)

FWIW, I see bitcoin heading to the 7100 level.

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These are the lines I'm watching. Although I didn't include it, we are currently just under another trendline and it is acting at resistance. My hunch is that we will hit the bottom trendline at about the $8050 mark but it is equally likely that we break upwards and test the top trendline. No advisable trades at the moment.

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That last drop was fairly significant in that we've now lost the trendline that has been holding us. If you are playing the smaller time frames look for the next bounce to occur at the line below us.

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There is a good chance that 7215ish will provoke a bounce up.

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We lost the $6400 trend line that I thought we might keep (see below). Things are looking really ugly but we need to be mindful that bitcoin and most of the alts are terribly oversold on many timeframes.

I have some ideas but there hasn't been much response to my charts and I often feel like I am typing to myself. If you follow them and want some updated ideas please give a like or a comment.

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Just a word to be careful when trading. The last time these lines crossed, bitcoin dropped by almost 50% before recovering. I would rather be a bull than a bear but I trade what I see not what I hope or feel.

I am in the mountains on vacation but when I am home I will be posting a new chart.

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p.s. This is the 2 week chart. The longer timeframes provide multiple indications of an extremely bearish outlook over the coming weeks and months.

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These are the lines I am watching. I think we'll consolidate in this area for awhile before we see a resumption of the downtrend.

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All signs point to up but I went short at $6500 with a stop at $6600 for a short term play. I will not go long until we get a clean break of this black line.

Smoak

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