We have a big bearish candle after hitting an ATH around $11,400 USD, so we need a short plan! Current targets I am looking to hit are a MIN TP of $8925.10 and a MAX TP of $8241.90. Its possible that we will retrace as deep as the major classical fibo support at $7719.20 and even kiss the edge of this support zone at $6804.70. However, we should remember BTC is very strong and shorting here is counter-cyclical.
As of writing we see a huge selloff with a shooting star formation. I am looking for a pull back to higher levels followed by reversal formations to open short trades.
As always, I'll be updating this idea as we go.
Cheers and GLWT! -Erik
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FYI. TV's data for Bitfinex has been inaccurate, so I cannot update this idea at this time.
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Here;s an idea! If we breach the breakout level we switch to long positions.
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Might have to shuffle it around a bit until we get it right.
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Watch the channel support as it could bounce! If it breaks the level, keep riding it.
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HIT MIN TP WAHHOOOOO. Watchout for a strong bounce.
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Let's wait for the next pattern.
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Watch for another 10% drop
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We broke out of the downtrend line! I may reopen the short if we head back into the downtrend channel.
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Let's try this one more time
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YES
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Kissed the trendline and bounced! We are back in the shorting area. On the 15 MIN things are looking bullish now.
Its a tricky situation!
RSI is not happy in the 1HR/
In the 4HR we may be able to stage a bullish rally before getting slammed again...
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MIN TP was reached, cheers! Thread closed.
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Some of you still have short positions open (that's ok, don't panic). Here's my current view: The daily has a crazy doji, but it now looks like the parabolic trend may be resuming. RSI is not tired.
Ok, we staged the rally. Now its decision time on the smaller TF. We are in a shorting zone. Above that, BO level and the extension target. Below it, we may visit 8K.
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Watch for 8% retrace to trend line.
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Forgot to update this! Watching for this one
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If you are still short, make sureyou set your stops as a break to the upside will likely be explosive. TA allows us to understand what is going on, but it will not tell us in moments like these which way it will snap. If we break upwards I am going long with initial targets in the 12K area (i'll post a chart, but it likely wouldn't be until Monday).
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BO to the upside! Cheers!
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Sorry ladies and guys, I've been traveling and couldnt post a long thread. Here are my long targets for now. I'm currently not trading BTC, as I jumped all into SAN and IOT overnight as they continue their rallies XD
@agency, no u r prob right man ... i just can never bring myself to short on btc ,so im always surprised when someone does ...but im ready to buy up some blood at the bottom .... lets get it !!!
Trader6127
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@arai02r6, 4HR RSI doesnt look too good for longs. I think we are looking at something more complex than we realize. I'm thinking maybe we'll see MAX TP (low 8Ks)
TauCeti
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Do you think its going downtrend?
Trader6127
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@TauCeti, No BTC is very bullish. The last post shows possible harmonic short move followed by a 5 drives bull follow-through.
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@agency,
If i understand correct, it is a small retracement?