BitcoinUpdated BTC -- Because no one views my BTC Analysis
I hate BTC! It has proven to be so manipulated that it has become just a reference tool to analysis the alt-coins. As price lowers I feel miners squeeze the volatility out of BTC and push the price action North and BOOM liquidation occurs almost immediately. Suffice it to say charting BTC is an ambitious endeavor at best! I conclude that SOMEBODY wants to drive the price to just above $4100 and liquidate into the runup. I don't own BTC and have a 3k price prediction I made back in November 2018. I feel it needs to revert to the mean at between $1,800 and $2,400 before it can make it's next big move, "To the Moon!
Outlook: Crappy -- I have a channel with limited defined points, so it's only a reference. The downside risk is ever present with the exception that entities unknown, at any time, will drive price north.
The selling is OVER-EXTENDED at the .618 fib level which seems to be holding as support. It appears we are drawing in some buyers -- let's see if the upper trendline holds or is used as a selling point. It's impossible to trade against the miners and the algorithms holding enough BTC to move the entire crypto markets!
Good Luck trading BTC!
Best,
Biff
Outlook: Crappy -- I have a channel with limited defined points, so it's only a reference. The downside risk is ever present with the exception that entities unknown, at any time, will drive price north.
The selling is OVER-EXTENDED at the .618 fib level which seems to be holding as support. It appears we are drawing in some buyers -- let's see if the upper trendline holds or is used as a selling point. It's impossible to trade against the miners and the algorithms holding enough BTC to move the entire crypto markets!
Good Luck trading BTC!
Best,
Biff
Note
My rudimentary channel is holding on the 4-Hr. Is there a trade here? Not for me, but for those with a high-risk tolerance, pay attention. If the price bounces off the lower channel on the next 4-hour candle we could trade to the higher channel trendline for a short-term profit. It's not worth the risk for me!Note
Just reached the lower trend channel -- there is a risky swing trade considering we hold these levels and trade to the upper trend channel. The risk profile is not too bad, but too much for me. It's definitely a consideration as BTC is over-extended on selling, at least for now. A small bounce may be due.
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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.