BitcoinShort
Bitcoin Bears in motion. Reversal @ 10k, 9.4k or 9k!?!?!
Updated
Back again with some support and resistance lines, but this time with a swing towards bearish sentiment.
We have a few directions that the market could take us right now, that being a bounce at our current level of 10.3-10k to retest the 11k zone we failed to break over the weekend, a drop to 9.4k at the weekly S1 level support, or we blow through all supports to the previous low of 9.1k-9K.
Personally, if we are going to make a new ATH like everyone thinks, then a definitive reversal on a high timeframe like the Daily we are looking at is necessary to give this market the confidence it needs. I hope to see a double bottom at 9K before we reverse and blow through our previous daily high of 13.9K
I'll update as things change.
Thanks,
We have a few directions that the market could take us right now, that being a bounce at our current level of 10.3-10k to retest the 11k zone we failed to break over the weekend, a drop to 9.4k at the weekly S1 level support, or we blow through all supports to the previous low of 9.1k-9K.
Personally, if we are going to make a new ATH like everyone thinks, then a definitive reversal on a high timeframe like the Daily we are looking at is necessary to give this market the confidence it needs. I hope to see a double bottom at 9K before we reverse and blow through our previous daily high of 13.9K
I'll update as things change.
Thanks,
Note
We broke through the 10k level. Now we wait to see if we hold here and drop lower or if we bounce at 10K as I had said was a possibility. 9.7K is our next support that we test if we drop lower, and the support is pretty weak here historically so a bounce at this level would surprise me.Will update again if we touch that 9.4k level I mentioned. Very possible bounce at that level.
Note
Trade is going as predicted so far. Next stop 9.4k then 9k.
I personally plan to take 50% TP @ 9.1k off my short.
Note
so close to our take profit zones. I'll probably close 75% inside of here if we reach it too quickly. Hold 25% to hold out for the 8k wet dream
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.