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MASSIVE BITCOIN SELL-OFF. WHERE AM I LOOKING TO GO LONG? So Bitcoin ploughed through all supports like they were nothing and totally rekt any breakout traders who traded that triangle breakout above 9200. Anyway, here we are. So what now? I think we are still at the mercy of global markets and are highly correlated to them. In the short term i think we still head lower into the monthly levels at around 7560 and then ultimately around 7150 ish before we see a substantial bounce and possible reversal into the halving. I will start scaling into a long in the box area on low leverage for a long term swing into and beyond the halving.
BYBIT:BTCUSD.P
by Trader_Bean
A safe and sensible way to play this... Look - nobody knows what's going to happen. As bold and confident as some may seem with their "ideas" here, they have no way of knowing how the market is going to behave or what will happen over the next month, or which of the handful of potential patterns/scenarios will play out, so let's go on what we DO know to be true right now: 1. Bitcoin is moving pretty much in tandem with the stock market, and we can't expect a Bitcoin recovery until the stock market recovers, which we know isn't going to have a chance of happening until the virus is at least somewhat contained globally and cases start to go down, which is probably many many months away. 2. We are close to losing the logarithmic trendline that has supported Bitcoin's price since 2013. Closing any higher time frame candle under 7550 would pretty much destroy that trend and cause a panic sell down to lower 7ks/upper 6ks. 3. Since our calamitous plunge from the 10k area over the weekend we've been oscillating between a resistance of 8070 and a support of 7750 (on Bitstamp). So - what's the best way to play this? People who shorted from anywhere above 8.5k are sitting pretty right now and are really safe. If you are one of them, you can simply wait for a higher time frame candle to close above 8070 and once that happens, take some profit and layer in profitable stops for the rest of your position. If you didn't short from above 8.5 and are looking for a way in, you can wait for a 4-hr or higher candle close under 7750. That would almost certainly incite a move down to the 7500 area at a minimum. It's a nice trade even if it stops there. You can take profit but leave a decent portion of the position open in case it keeps going. Alternatively, Bitcoin does love to go back and test breakout areas, so a market maker-driven move back up to the 8400 resistance area would not be unheard of at all. If we get a 4hr or higher candle close above the 8070 resistance, it will almost certainly incite a move back up to 8400-8500 - another nice trade. Cheers and happy trading and stay healthy!
BITSTAMP:BTCUSD
by CryptoTraderMark10
$BTC.X halving is coming, perspectiveThose tiny blips around the last halving are 20+% dumps before the 3000% bull run. Whales want to accumulate BITSTAMP:BTCUSD before the halving for the next bull run. The easiest way for them to do this is to cause retail traders to sell out of fear . Of course our trading bot was signalling to sell the last top for day trading purposes but that is beside the point here. Take a step back and look at the big picture, it's going to take something very dramatic to refute the trendline which has existed for years. Currently any purchase under $8500 is an excellent deal and by the summer any purchase under $10000 would have been an excellent deal.
BITSTAMP:BTCUSDLong
by FlourishingCapital
1
Bitcoin is following this pattern currentlyBitcoin is in a healthy uptrend that will break resistance, pull back to the new support(previous resistance) then head higher breaking the overhead resistance of the previous move. This may sound a bit confusing but the chart makes everything clearer! Next resistance is 10900/1100 and if the trend stays the same then I expect the level of 1500 to be broken in the next few days to a run up to 10900. If anyone is new and would like some tips/help on anything crypto related I'd love to help. I was once new and it was a lot to take in at first but with long nights and persistence I learned a thing or two and now everything is a lot easier. Feel free to message or comment!
COINBASE:BTCUSD
by hurster
Bitcoin quick update, pullback before going higherHey guys welcome for a fresh crypto update, please like and follow our to support us -------------------------------------------------------- now this recent drop in Bitcoin prices is nothing but i see just a short term pullback towards support zone, which is necessary notice the exact support zone blue area which i showed in previous ideas the 97xx zone will now work as a strong support zone for bulls targets are still same towards 10300-10500 zone -------------------------------------------------------- my custom rsi in 1h chart has moved in green zone which indicates testing of lower support levels -------------------------------------------------------- however bulls still have all the control as 4h chart has still not left the red zone -------------------------------------------------------- For the most profitable premium trading services DM me or contact me through twitter or telegram -------------------------------------------------------- this is Husain Zabir, signing out Thankyou...
BITSTAMP:BTCUSDLong
by Husain_Arkghazi
6
Nice flag on the 4hr, along with tight BBANDS = Launch itWe Have a beautiful triangle forming just after the handle on our cup and handle pattern. This also appears to be coinciding with a very tight set of RSI bands in our Bollinger Bands setup (indicating volatility is incoming). If we can manage to break out of this triangle and close a 4hr candle above ~9450 I feel we will see a revival of this run up. Haven't seen anyone else post this triangle so figured i would make a short post. Be sure to stick to your trading plan and invest safely out there! Throw a like if you made it all the way to the end :)
BITSTAMP:BTCUSDLong
by bitcoin_is_king_
Fear shifts the shapeMorning everybody, So, market was frightened a bit yesterday by virus news, as well as other markets across the board and shows different shape. Although it is indeed has tested 9K top again but shape has changed drastically and we haven't got expected H&S pattern. Now we need to change the trading plan. The breakout of daily K-resistance area @ 9K has vital meaning for short-term BTC performance. And our task is try to join this party with minimal risk. Here is what we offer. First, and most simple way to act is to use Stop "Buy" order above daily K-area. Once market will break it, stops will be triggered and you will be on ride somewhere around 9.2-9.3K area. Next target will be 10-10.5K level. Second way is more difficult but it also provides better entry price. We talk on possible momentum trade on 1H chart. Virus news have scared society and it let BTC to show solid rally yesterday with good upside momentum. Now we need to wait for moderate pullback. Our favorite level here is K-support around the same 8.8K area. Here we could consider long entry. The only must condition is to move stops to breakeven when BTC starts to show upside action from this area. Both scenarios reduce risk but have their own adv. and disadv.
COINBASE:BTCUSD
by Sive-Morten