BitcoinShort
Bitcoin - One small push up before another drop
Not financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
A quick update on what Bitcoin looks like right now. We're looking at the 15 minute chart so things may have already played out by the time you are reading this. Never fear, this isn't a 4 hour prediction more than it is a prediction of what is coming.
We've all been looking at this wedge since the drop to 3100 and it's been forming nicely. We're going to drop out of the 3000 level at some point in the future but that doesn't mean we won't see more bouncing in this area. Right now the 200 weekly moving average is sitting right around the 3300 mark and I do expect that to be support again, but in the meantime, let's look at this little impulse we have going on here. If you're looking to short or get out of the market and buy lower, you should wait and see what the reaction looks like in the 3435 to 3450 range. There is the possibility we're pivoting here and will continue moving up, but look at what the reaction is there. The fact that we got such a big rejection at 3485 is not looking good for bulls right now. I firmly believe we're going to get rejected at the 50% retrace which is right around 3435.
If we don't get a clean and clear rejection at that level, we're likely set for a larger impulse but from a probability standpoint, I would say we still have further down to go before we see a bullish impulse.
Let me validate what I mean when I say "bullish impulse"... We're talking like a $300 move or less, and not in a single candle. I'm talking over days in an impulsive wave. You will have plenty of time to ride that wave. I'll update more if/when we get there.
In the meantime, trade safely my friends!
A quick update on what Bitcoin looks like right now. We're looking at the 15 minute chart so things may have already played out by the time you are reading this. Never fear, this isn't a 4 hour prediction more than it is a prediction of what is coming.
We've all been looking at this wedge since the drop to 3100 and it's been forming nicely. We're going to drop out of the 3000 level at some point in the future but that doesn't mean we won't see more bouncing in this area. Right now the 200 weekly moving average is sitting right around the 3300 mark and I do expect that to be support again, but in the meantime, let's look at this little impulse we have going on here. If you're looking to short or get out of the market and buy lower, you should wait and see what the reaction looks like in the 3435 to 3450 range. There is the possibility we're pivoting here and will continue moving up, but look at what the reaction is there. The fact that we got such a big rejection at 3485 is not looking good for bulls right now. I firmly believe we're going to get rejected at the 50% retrace which is right around 3435.
If we don't get a clean and clear rejection at that level, we're likely set for a larger impulse but from a probability standpoint, I would say we still have further down to go before we see a bullish impulse.
Let me validate what I mean when I say "bullish impulse"... We're talking like a $300 move or less, and not in a single candle. I'm talking over days in an impulsive wave. You will have plenty of time to ride that wave. I'll update more if/when we get there.
In the meantime, trade safely my friends!
CE - BitDoctor
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Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
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.
CE - BitDoctor
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
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.