BTC is diffently going to 5500$ AT LEAST but when !
Updated
looking at the latest BTC analysis i was so optimistic for calling a bullish market as long as we have stayed above the main and only trend line which has been holding very strong for just about a year now.
now that we did break and closed badly below it. we are 100% in a bear market no questions asked !.
the reason why i am 99.9% sure that btc will still dip further more is because it doesn't make any sense that btc will only drop 12% after breaking this major support trend line. i would say 25% is the realistic number to where btc should drop which is also a very major support line at around 5400-5600.
I am by no means doubting the fall, the only question is, are we going to straight from here ! or are we going up for a bull trap to test the support trend line which now acts as a resistance ? that would be around the 7000-7300 k area.
I say as long as we don't close below the 6100$ area , we do have a chance for correction back to the 7k area, any daily or even 4h candle closing above this level is a direct flight to 5500$.
I shorted the moment we broke below the up trend, ready to buy back at any signal i see fit. if the market wasn't this hard to predict i would have re-bought now in order to sell at 7k again , but i am not doing this, i'll only long btc at these 2 scenarios
1- a close above the prev up trend.
2- a reversal signal at the 5500$ area.
aside from these 2 signals i will keep my fiat and watch the market.
now that we did break and closed badly below it. we are 100% in a bear market no questions asked !.
the reason why i am 99.9% sure that btc will still dip further more is because it doesn't make any sense that btc will only drop 12% after breaking this major support trend line. i would say 25% is the realistic number to where btc should drop which is also a very major support line at around 5400-5600.
I am by no means doubting the fall, the only question is, are we going to straight from here ! or are we going up for a bull trap to test the support trend line which now acts as a resistance ? that would be around the 7000-7300 k area.
I say as long as we don't close below the 6100$ area , we do have a chance for correction back to the 7k area, any daily or even 4h candle closing above this level is a direct flight to 5500$.
I shorted the moment we broke below the up trend, ready to buy back at any signal i see fit. if the market wasn't this hard to predict i would have re-bought now in order to sell at 7k again , but i am not doing this, i'll only long btc at these 2 scenarios
1- a close above the prev up trend.
2- a reversal signal at the 5500$ area.
aside from these 2 signals i will keep my fiat and watch the market.
Note
Bull trap setting up real nice, very soon another massive red candle will show on the chartNote
BTC bounced right from the prev uptrend which now act as a very strong resistance, i am still on the bear side unless i see a close above trend line and a re-test .
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.