This is a simple clean chart with Fibonacci - So far we have been holding $4500 quite good for the first 24 hour rejection of $5k. If we let go of $4400 - Our next target for the breakdown will be $4200 - $4000 - $3800 and full blown reversal of $3500. Since the sentiment has been good lately, and very bullish, I believe that we will not break below $4000 without a fight. I have shorted both bitcoin & LTE right before the break when buyers rejected the price and the sell off continued. Although I am bearish and still holding my short positions. It is very likely that the price will go sideways to shake rejection and start another bull run up. In which I expect another two to three rejections. This may take anywhere between 7-10 days. Breakout of $5000 can take up to two months.
Note
Last night BTC had another sell of broke the support of $4,000 (BITFINEX) - Most likely in the mist of the Chineese News of banning IPO's. So now it is looking like we are still in a bullish trend based on the weekly chart, and this can continue for another 1-2 weeks. Positions that are opened long must be over $4,500 with low quantities as your stop loss will be under the recent lows.
I expect this market to revisit the highs or get close to them. Then we will be looking to cover 75% of our positions. Ad confirmation of the break of $5000 we will look to cover for the rest of our position. And wait until we will have an opportunity to short under $5,000 for the reversal.
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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.