BTC_Are the bears about to get burned?
Updated
They say a picture is worth a 1000 words... As such, I'm not going to say much. Taking a look at this lovely chart:
1) I'm predicting support in this rectangle (Based on past events) which coincides across the initial bull run and previous bounces.
2) A predicted support area coming up at 5500-6000.
3) Shorts are at an all time high. In fact, way higher than longs, the disparity is huge.
4) RSI, and other indicators are at the dead bottom of oversold.
In conclusion, whenever these conditions are present, a bottom or huge V like pattern has formed. I'm expecting a high chance of reversal in the near future.
*Disclaimer, this is not financial advice. Any positions you choose to buy is 100% your responsibility. What I mean is that you take on all the financial risk as well as all the financial rewards.
**With that said, one final tidbit... It's highly unlikely right now, but, if BTC should break 5k. RUN!!!
-May BTC reach Mars before Elon Musk
1) I'm predicting support in this rectangle (Based on past events) which coincides across the initial bull run and previous bounces.
2) A predicted support area coming up at 5500-6000.
3) Shorts are at an all time high. In fact, way higher than longs, the disparity is huge.
4) RSI, and other indicators are at the dead bottom of oversold.
In conclusion, whenever these conditions are present, a bottom or huge V like pattern has formed. I'm expecting a high chance of reversal in the near future.
*Disclaimer, this is not financial advice. Any positions you choose to buy is 100% your responsibility. What I mean is that you take on all the financial risk as well as all the financial rewards.
**With that said, one final tidbit... It's highly unlikely right now, but, if BTC should break 5k. RUN!!!
-May BTC reach Mars before Elon Musk
Note
And the squeezing begins... First signs of life. **Note this does not mean this is the bottom** Now awaiting some more confirmations and accumulations.
Note
Attention everyone, get ready for some sideways trading action. Only a drop below 6,0000.00 will send this market lower. ALTS are starting to show some bottom formations. If you choose to trade here, know that it's still riskier than usual.Note
Potential $7200 BTC by 6/18/18. On the 1H chart BTC appears to be forming an ascending triangle. As long as we don't fall below any of the points moving up, this idea remains intact.
A break below 6270 would send us sideways trading a down to rest the 6k... Beware of this possibility.
Note
Just a heads up, the Daily volume has been declining over the past 4 days, each volume candle closed lower than the previous. Because of this, I'm not going to put any trust into the trend until the volume increases A drop in price with low volume won't mean a thing and the same can be said for the inverse. In other words, anyone wanting to invest in or trade BTC is going to have to wait until more volume confirmations come in before any further concrete assessment can be made. As such, I'm not making another chart until we have some rising volume on the Daily charts.
Trade active
Incoming volume! Daily volume candle is larger, this pattern is now forming on the 4H chart. Going long with the stop at 6249 is not a bad idea here. It is more than a 5% stop loss, so keep that in mind.
I'm opening a position. Looking to get to 7000/7200 before first profit taking.
Note
Still an ascending triangle. Lines are adjusted to where the resistances are. Volume is still decent. If we have a drop here, should hold at 6400. If not, then a re-evaluation will be necessary.
Moving stop loss to 7349. Holding position still.
Note
Say hello to Bart, and his twin brother Fart. Two options here:
1) A shakeout before the breakout.
2) 3 Rejections at 6800, which means price goes down.
And this nice bear flag forming at the 5 minute charts.
Hope you guys took some profit, this trade is looking like it's going against me. I'm going to close some of the position to mitigate risk and keep the stop loss below the triangle. Awaiting some more bullish signs before any re-entry.
*Also related but unrelated, BNB conveniently pumped by over $1 today for no reason and the rest of the market just happens to go down, basically unless you bought BNB you likely lost money today.
Note
Green hammer with some volume forming on the 1 Day. This chart is still valid about the bears potentially being burned. I bought using about 15% of my capital yesterday, because I saw a clear bullish divergence on the 1 day RSI, which was crazy in plain sight, yet people were still panic selling.
The only position I'm burned on is my ZEC from the breakdown of this bear flag.
In conclusion, it looks like trading is open again! The stop loss should be at 5700. BTC has no reason to go down that low again, unless the price is going sub 5500. For those that want to buy, you can wait for this daily candle to close to see the volume and shape. If the hammer remains with good volume, going long might be an option.
*We also have BIG blockchain exp happening in Europe on 6/27 and 6/28. There is usually a rally around this event. Keep this in mind.*
Trade closed: target reached
10%+ is enough to call it. The perma bears were incinerated here. Hope anyone that bought around 6k bullish divergence will take profits. We have 5 waves up on the 4H, ABCDE. Won't be updating here, will make a future forecast perhaps after this week.
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