Alright ladies and gents looks like we were correct in our past post (part 1 facts dont care about your feelings). Bitcoin did indeed fall to the 8k range as we saw today.
cool man, so what next?
I don't know for sure but i can make two conclusions.
Conclusion A
Based on the chart above the populace formed a support level (probably weak) around the 8000 $. Now based on my TA it looks like its about to take a short bounce probably to re-test the previous support level we just dropped off (9500 range).
This may be a healthy opportunity to cash in on some profit but please do so with adequate risk management, remember 3 to 1. However, i would wait until a bullish candle forms to confirm the bounce and place my limit a 100$ below the support level.
Conclusion B
After the bounce stated in Conclusion A we might see a drop off to test the next support level around 7000 - 7500k giving us a clear indication we've entered a short term downtrend.
This is all very subjective so proceed with caution and USE RISK MANAGEMENT.
Facts don't care about your feelings..
cool man, so what next?
I don't know for sure but i can make two conclusions.
Conclusion A
Based on the chart above the populace formed a support level (probably weak) around the 8000 $. Now based on my TA it looks like its about to take a short bounce probably to re-test the previous support level we just dropped off (9500 range).
This may be a healthy opportunity to cash in on some profit but please do so with adequate risk management, remember 3 to 1. However, i would wait until a bullish candle forms to confirm the bounce and place my limit a 100$ below the support level.
Conclusion B
After the bounce stated in Conclusion A we might see a drop off to test the next support level around 7000 - 7500k giving us a clear indication we've entered a short term downtrend.
This is all very subjective so proceed with caution and USE RISK MANAGEMENT.
Facts don't care about your feelings..
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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.