From 0.786 of the 64k-28k retracement, distribution signs are meanwhile.
I see two possibilities here: this was the 2nd spike of another 5-spike distribution, lasting to end 2021, maybe reaching the bull's moon :)
OR, we are at the final hours of the 2nd high of the distribution since the peak, just before a bear market.
Placing my shorts here. Price may go up to retest the trend line, or not.
Reasoning in related idea...
Targets:
- for the bulls: 53.5-51.5 area (I'll take partial profits here)
- for bearish like me: 41.5k down to the 30's (with a risk of hitting SL for the rest of the position, or closing manually for a better out, when another bull run comes after 53-51k).
SL:
57.5k, or moving upper if trendline surpasses it.
A have to repeat that I'd like to advise readers to not buy bitcoin at times like these..
This is not a financial advise, do your research and trade accordingly, with proper risk management!
Bests,
Antonio
I see two possibilities here: this was the 2nd spike of another 5-spike distribution, lasting to end 2021, maybe reaching the bull's moon :)
OR, we are at the final hours of the 2nd high of the distribution since the peak, just before a bear market.
Placing my shorts here. Price may go up to retest the trend line, or not.
Reasoning in related idea...
Targets:
- for the bulls: 53.5-51.5 area (I'll take partial profits here)
- for bearish like me: 41.5k down to the 30's (with a risk of hitting SL for the rest of the position, or closing manually for a better out, when another bull run comes after 53-51k).
SL:
57.5k, or moving upper if trendline surpasses it.
A have to repeat that I'd like to advise readers to not buy bitcoin at times like these..
This is not a financial advise, do your research and trade accordingly, with proper risk management!
Bests,
Antonio
Note
Pushing up SL to 58k to not get instantly hit, I have a feeling this last rise it not true.Note
Seems like bitcoin likes to repeat patterns, so far insanely similar to Sept. 7.In this case, these will be highly probably TP levels in a day or two:
Target 1: 53500
Target 2: 43500
Take your profits a bit before, if following me :) I'll do the same.
Note
Update:Looks like selling power was not hard enough, this time.
I think the price will retest the trendline and 58k, behavior there will be interesting:
- A turnback at 58k will be bearish confirmation.
Pushing above to 60k area can also see a rejection, but would indicate that the balloon is not ready to pop (yet), and probably will try to go for those levels again...
! I am closing the position partially to have some profit deciding about the action at 58k.
Note
Selling power seems exhausted, closing.Note
The idea is not valid at the moment for further targets.
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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.