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BTC to the moon? no guys, not yet!Hi guys, turning mecard is back! today is such an interesting day! yes, as i predicted few days ag, targerting 68/70 and it went up! however, this is still a BEAR FLAG, rising wedge, which has a top around 7.1k, which can fall heavy anytime! i got in shorts at 6750, added more at 6960, i plan to add up to 7.1k. if it overshoots, the limit will be only 7.4~7.5k top of the triangle, my plan is to short this all the way down to 6k, and 5.7~8k. so we have a rising wedge in play, top is around 7.1k. now BTC is resisted by 50MA, which is 6950~60, so this price is where you can short firsthand. second, even though it comes up more, short at the top of the descending triangle at 7.4~7.5k area will be in play. Many beginner level investors think, this is the start of the bull run. NO! Guys, if you buy alts that fine, but this will be short lived so i assure you not to hold those alt coins so long! if you hold an alt coin, i do too, i bought tron. i plan to sell them today, or tomorrow, to see if this overcomes the 50MA daily. in theory, we are already pretty much at the top level, so it can drop heavy anytime. however, i do think, since 67/68 is a support now, it will try upper levels. so do not be greedy and sell them at 7.1k max. no need to risk more than that. if goes up, buy at pullbacks. do not hold alts like it will go up forever! i told you about the green cloud, and yes, i think now they have more chance to break this upwards. that does not mean, it is the start of the bull run guys. if i see a high volume spurt above 50ma, like to 7.2k and above, i will really change my view. but, i really thought, at break of 6800ish, it will soar up high, but it got caught at 50MA. however i do think, below can play out this year. i think we will still visit low zone, twice, or even more in the coming months, and go for bullrun from november, touch 11~14k. so trade safe, especially do not get trapped in longs, do not FOMO in at just buy because it goes up. if we go over 7.8k, and 8k. let's think about going long, heavily investing in alts. now, WE are still bearish, do not FOMO in. still, playing shorts are better. good trading!
BITFINEX:BTCUSD
by Turningmecard
13
Bitcoin analysis-possible 4 scenarios this week!Hi guys! at weekend times, BTC soared! it was difficult to really judge whether it would go, anyhow if you guys got in at 64levels congrats! anyway, i shorted btc from 6770, sold a while ago, and went long from 66. btc is at very timid times. i just have some scenarios and thoughts that might happen next week. below is the chart. so we are inside a rising wedge, with top at 7.0~7.1k. we are on the road to it. ok, so there are mixed signals, and many TA's are staying out of this market, because indecisionis still put, volatility is extreme. even though, i think this week is still bullish. daily candle, closing above the baseline, making highs...of course, at the same time making bear div on indicators. so you see we have a bullish ichimoku cloud, green cloud, which we have not had past months. bulls have a good chance to break above, and be supported by the green clouds! RSI daily surpassed 50, now little retracing, but it will test upper levels so 6700~6800 dollars btc, you will see those numbers this week. stoch rsi is overbought, wants to deadcross, so, a retracement, or a heavy drop will happen in the coming week. also, volumes are bearish, not coming up, but, bull runs often happen at low volumes so i will not believe so much at current level. so, in cotract below are the scenario, that i think will happen until sep 3rd~4th. that means, SEP 3~4TH, probably this week would show where BTC will be headed in September. so coming week is very important! 4 scenarios~ 1. 67~68 double, triple+ tops -retrace to 64 levels->come back again to make HH or LH->go down below 62 even. 2. 69~7.1 top and fall -retrace to 62~63 levels, or below 3. 7.1k and above(closing in daily candle above) -going up, up 7.5k+ 4.fall before touching the top line of rising wedge like 67~69 ->falling wedge pattern from 6~6.2k target 7.1k+ number 4, we also have a possibility of a failing wedge like last time. so, if we do not complete the wedge and fall down from like 67 or 68, this idea can be valid, so keep an eye on it. it should make a higher high at around 6k and come back up. so guys i think, short term this needs a little bit more heavy retracement in coming days after some peaks. trying above 7.1k, i think we need little more oversold situation to keep the gauge up. because the bulls would not want to come back to 6kzone, after surpassing 7.1k. they would do the retracement firsthand to recharge. so trading plans are 1/ open shorts 67~69.8 stoploss:7150 target:6.3~4k/maybe 6.2k 2. open longs(for scalping) this will vary time by time. now supported by 6.55k, but it will revisit 6.48 if the bounce from here do not go over 6888. buying low mid 66 levels, high 65 levels, you can scalp maybe 80~100dollars.
BITFINEX:BTCUSD
by Turningmecard
10