BitcoinUpdated Bitcoin - More Weakness Ahead!?
Hello Traders,
I wish you all a happy Friday.
Now, like I told you here:
I was already expecting a bigger pullback to occur. The only question was "WHEN" and here we go. Bitcoin has been dropping like a stone. But keep in mind I am still bullish in the higher degree trend as long as it remains above 6435 low.
At this stage, I am expecting Bitcoin to continue it's weakness to around the areas of 8355-7803 areas before a pullback should be taken place.
Also, note that it can be retesting the former neckline from the inverse head and shoulders pattern I mentioned here:
My preferred view is drawn in the chart above for bitcoin. It should be doing something like that. Please note that the market can also take a completely another route. However, at this moment I am confident in this view. Let's see.
The view will be invalid once it has a daily close below the neckline
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
I wish you all a happy Friday.
Now, like I told you here:
At this stage, I am expecting Bitcoin to continue it's weakness to around the areas of 8355-7803 areas before a pullback should be taken place.
Also, note that it can be retesting the former neckline from the inverse head and shoulders pattern I mentioned here:
My preferred view is drawn in the chart above for bitcoin. It should be doing something like that. Please note that the market can also take a completely another route. However, at this moment I am confident in this view. Let's see.
The view will be invalid once it has a daily close below the neckline
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
Note
Hit the first target area, now it may make another new low or keeps now rallying Note
Doing exactly what i forecated, lets see at this stage.
Disclaimer
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