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BTCUSD Bitcoin Look for buying opportunity soon

Bitcoin is falling and will likely more. We have immediate support at around $7650 area and at the 100% retrace of current move of $7240 and around $7000 from the lower trendline. If this lower trendline fails, then the price will very likely go to $6000 or lower. We may get to $6000 or lower, or possibly not. But even if so, I expect we will get a bounce soon.
The price has just gone back up to nearly $8300 to retest the line that was acting as support to confirm it as resistance. It was clearly confirmed as resistance and that means we are heading down.

Key supports approximate numbers: 7650 7240 7000 6000

It looks like this correction wave may be taking a downward 5 wave correction. See the chart. If this is so, we see some upside after the next leg down is complete.

Take the time now to write out your trading plan. Decide how much you want to risk, but since we could get a bounce at any support, you may consider how much do you want to buy on the supports. It is good to have a plan in advance.

What are your thoughts.

This is not advice to buy or to sell, but I am sharing my ideas. You should do your own research and make your own investment decisions.

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Please note that if the trendline around $7000 fails, that it would probably be a bad sign for the bullish case for the near future, though we will likely still get bounces to look out for. Consider a stop loss under the trendline to avoid larger losses.

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Bitcoin just formed the 3rd miniature bull flag on 5min chart which just broke down. We are heading down now I think IMO. Remember the trendline around $7000 is crucial support now. Hopefully we will bounce on that. Still the longer term outlook is bearish and don't trust a bounce to be more than just a bounce.

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Still a chance of trying to make one more rally to $8300 - $8400, but don't count on this for sure. Keep it in mind as a possibility

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It broke through another potential up trendline, so down it goes

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Warning regarding upcoming "death cross" coming within a few days on 1 day candle chart. There is a potential for a drop lower than we think. Like I say, we don't know for sure, but it is still possible to go down to around $5000 or so if there is heavy selling. I do think this would be a good buying opportunity though. We will see what will happen.

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The buying opportunity soon still stands. I still expect a bullish move after the current leg is complete but that does not tell us where it will bottom out. It could bottom out at around $7000 , but there is no guarantee that line will hold and if it fails, we will expect $6000 and possibly $5000 range. The market makers will profit better with panic sell offs, so expect it to happen. The best way to take advantage of the panic sell offs is to buy into the panic. If we get a big sell off I still expect a bullish move that will likely test the 200 MA on the 1 day candle chart.

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Look out for signs of lots of bad news about cryptocurrency acompanied with a big drop in price. That is a sign of a buying opportunity. :)

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Bounce at trendline. It went briefly below but is now above. I expect a btc bounce from here is possible, although I won't be surprised if it breaks down later.

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If we get there, I expect that under $6000 will be a really good buying opportunity. I am looking for $5000 - $5500 as a possible buying zone

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It is sitting around the $6900 trendline. But there is no clear reason yet to believe that the selling is over. If this follows the pattern around the first death cross in 2014, we should see the price go down to $5000 - $5500 range approx, followed by a rapid bounce up to the 200 MA on daily chart. Yes, $3000 is still possible, but perhaps that will be later on? Even if it goes down to $3000 now though, I still expect it to go above $6000, so I am looking at $5000 - $5500 as a buying zone.

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Good Friday. First Bitcoin must "die" before it can rise again. IMO, in a manner of speaking. :)

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In honor of Good Friday. " Most assuredly, I say to you, unless a grain of wheat falls into the ground and dies, it remains alone; but if it dies, it produces much grain."

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Technically, correction wave 5 could have been complete, but personally I doubt it. Not to say that it couldn't be complete. We could get a bull run up to the 200 d MA on daily chart. That may still happen after more of a sell off. I see predictions between $2500 - $6000 for the low of this move. Personally I think it would be good for the market for BTC to go to $3000 on this wave, and odds are it will sooner or later, but It seems to me more likely that we get a bullish move before going that low. I am still looking at under $6000 like $5000 - $5500 for a possible bottom for this current move down. It will be good for the market if we hit $5000 and bounce up. Personally, I am not interested in owning BTC for more than short term, since the prices seem to be high, but I use it as a guide for the crypto market. I am interested more in long positions in altcoins.

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Be careful, we are hitting the 200MA on 1h chart. There is also resistance at approx $7500 and $8000. Could we be seeing the next bull run? Maybe, but be careful. This could be similar to the bull trap on March 12. It is more risky to buy with so much resistance overhead.

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I still believe that a buying opportunity is coming soon, but we must be patient. I will not be convinced that we have may have hit the bottom until we get considerably lower such as the $5000 ranger or lower. Or until we establish a new bullish trend. Keep in mind though that even though we may get buying opportunities soon, that does not mean we will necessarily start a LONG-TERM bullish run immediately. For that, we MIGHT need to have a couple more short-term bull runs and crashes before we start the long-term up. It is too early to believe we will reach a permanent bottom immediately.

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Warning! Bitcoin just made a huge run up but has closed inside the higher downward trendline. Be very careful about long positions here, there is still a big risk of the price falling - unless something changes to prove a new bullish trend. In my opinion, it may be an opportunity to short here. I do not take short positions, nor am I advising you to. Just trying to point out that a long position is risky at this point. Not saying this couldn't change, but I am not taking the risk.

cedarfox

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