We need to see exhaustion of the current downtrend. Strong on a higher timescale (like 4-hour, daily), failure to go much lower despite extreme sentiment.
It feels like we are close, but close could mean there's another $1,000, $2,000 or $3,000 below us before the real bottom is put in.
sentiment is nearing unanimous but not quite. For that reason I do not thing we are at bottom (yet), however, we could be soon.
Keep watching + waiting
Subsequently shorted from 7125 - 6500
I am now reinvesting the profits since we have a bullish engulfing candle at confluence of support
Long at 6600
Reasons to long:
- 50 week MA
- Downtrend line
- Near prior BTC 6k low
- RSI 4-hour, 1-hour, 15-min all showing bullish divergence
This may not be 'the bottom' but there is high chance of a strong bounce at these levels.
Will watch the trade carefully for a reversal and signal to get out
It's risky to long rallies in a downtrend but my strategy has and always will be 'get moar coin3z' so i #Fomo buy when we go up. Better to get in low + out with a stop in case it doesn't play out.
Same shape of V-bottom, same rally back to the .78 Fib and consolidation (so far)
If this plays out expect a few days of chop around the 7k mark before further upside.
Long from ~6800 with stops at the low (6400)
This is a good 50% take profit target if you're long from the lows. Or hodl for glory with a stoploss at break even
Stop at break even for the rest.
Lost about 0.02 BTC in fees and spreads but I'm now back in the market
Watching these areas carefully.
Above 7410: this is a continuation pattern and I hold long
Below 7240: this is a reversal pattern and I close longs, possibly start looking for short entries
This fractal (if it plays out) will take us to the bottom of the bear channel at about 5777
I have gone long bitcoin 6841, stop at 6695
Both call for a retrace to the downtrend line. One is slightly more bullish than the other.
This is risky territory for shorts (and for longs for that matter). Shorts are near All Time High again and they seem to open the most right at the bottom. This can cause vicious bear market rallies as shorts get squeezed.
Down could get ugly (5800 is a possibility). Up - similar - a sharp bear market rally to 7700 is not out of the question
where BTC will go, nobody knows, but I do know this wedge will break out soon, possibly up.
but truth is accumulation is going on at these levels. People are buying lots of BTC and others are selling lots of BTC. A transfer of wealth is going on. Which side will win? I'm betting on the bull side. Can we go lower? Sure... 5k is not out of the question, but then what? We have already seen a 70% decline from the ATH, and billionaires and deep pockets traders still want crypto...
The fomo is real! Sentiment has changed. 6500 now looks like the bottom. Buy dips fellas!
Trades still open:
- long Crypto from sub 7k
- whole account invested in BTC, LTC and ETH
- No leverage