I wanted to do a BTC chart for longer time, but I was never 100% sure about the analysis due to not enough information.
But to the Point.
Looking at the BTC chart we can see a . Its a correction flag. This situation is actually really healthy for Bitcoin market. When something goes boom 530% in 90 days, you cannot believe in that it will stay in the high price around 19k. There were more than two Heads and Shoulders ( one of them Bull trap,) but they are hard to see on 1 Day chart - Very good for Shorting! So we fell from 20k to 6k. 76,4% Fibb retracament.
But what is a Bull trap?
A bull trap is a false signal indicating that a declining trend in a stock or index has reversed and is heading upwards when, in fact, the security will continue to decline. The move "traps" traders or investors that acted on the buy signal and generates losses on resulting long positions. A bull trap may also be referred to as a whipsaw pattern.
Looks like last correction is ahead by the look at the chart. Then we will hit our buy zone, and hopefully with good bounce to the (45%). If we can break the upper flag line, it could mean the Bull market comeback!
Right now looking at the , I feel like BTC price can raise pretty "fast", last time with little less BTC did 530% in 90 days, thats not that bad, is it?
Looking at the Indicators.
- Bitcoin is Oversold for 30 days, thats great for potentional reversal!
- If you take a closer look, you can see that the Blue is trying to cross the orange one, last time it did, it was a bull trap. blue line should not cross just now, but at the end of correction, if it will cross around this time, it could mean Reversal sooner but can a be a trap, so be careful and rather wait for to be done.
Fibb - Currently at blue line, means just one thing, we are waiting for Bitcoin to enter the green lines.
- Crazy , is no. 1. So another sign of reversal.
Okay, I am not 100% sure about this so use my buy and sell at your own risk.
Buy - 7 010$
Safer Sell - 9 950$
Gamble Sell - 11 950$
I guess that´s all I can say right now about Bitcoin .
Some last good tips maybe.
Dont invest more than you can afford to lose.
Take profits, dont be greedy like me.
Always be sure about your decision.
Dont trade emotionally.
If you liked or disliked this analysis or you have some questions, let me know down bellow.