BITCOIN Reversal incoming ?
Updated
Hello,
I wanted to make a quick overview on the market that I believe is approaching a turning point.
We are close to September 2017 Daily support which is sitting at 3222. I would closely watch this zone for a possible reversal.
Market is deeply oversold on all timeframes and is in full capitulation mode. Fear is an essential part of this dump and TA becomes very tricky.
I'm looking for a possible bounce on this level, with a follow up triggering a huge daily bullish divergence, which would confirm the market selling frenzy has come to an end, at least for some time. I am Neutral for now, with a bullish view that will come with a good green daily close.
As long as RSI isn't going below the golden orange support zone, which has very low probability, I will consider the chances of reversal very high, considering the size of this forming bullish divergence.
The level might break, there is not much support below 3000, although I believe it has been far too brutal already to continue with this intensity. We are witnessing a capitulation event following a hype bubble burst, so all possibilities should be considered. Yet, I still am looking for bullish options that should come very soon. Trend is your friend, it's heavy bear season, but stay alert. Where fear is dominating lies the best investment opportunities.
Next days are key.
I will be a long term buyer soon, and will be margin trading longs on futures.
Trade safe ! CR.
I wanted to make a quick overview on the market that I believe is approaching a turning point.
We are close to September 2017 Daily support which is sitting at 3222. I would closely watch this zone for a possible reversal.
Market is deeply oversold on all timeframes and is in full capitulation mode. Fear is an essential part of this dump and TA becomes very tricky.
I'm looking for a possible bounce on this level, with a follow up triggering a huge daily bullish divergence, which would confirm the market selling frenzy has come to an end, at least for some time. I am Neutral for now, with a bullish view that will come with a good green daily close.
As long as RSI isn't going below the golden orange support zone, which has very low probability, I will consider the chances of reversal very high, considering the size of this forming bullish divergence.
The level might break, there is not much support below 3000, although I believe it has been far too brutal already to continue with this intensity. We are witnessing a capitulation event following a hype bubble burst, so all possibilities should be considered. Yet, I still am looking for bullish options that should come very soon. Trend is your friend, it's heavy bear season, but stay alert. Where fear is dominating lies the best investment opportunities.
Next days are key.
I will be a long term buyer soon, and will be margin trading longs on futures.
Trade safe ! CR.
Note
We have hit the long term daily support as expected and saw a good bounce shortly there after. It's looking good. It's not yet a buy, there might be a retest and there might be a slight lower low too but it's a great start. I will be a buyer on another 4hr bullish divergence and will add to my position when daily divergence will be confirmed. Trade safe ! CR.
Note
Short term bottom set. Congrats to all those who took the trade at the lows ! You can set a safe stop and let it roll, there is good chances that we will see a major pullback upwards.
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.