Hello traders - I know most of you won't like this idea as I can see a lot of traders are bullish for Bitcoin. In the long term, Bitcoin is definitely in an uptrend and short sellers are easily wiped out if they don't short the coin in the right moment. However, I can definitely see the potential for a correction that could take us back to $6000. I'll update this idea as much as possible and let you know once it confirms the requirements. Good luck! - Abdulla
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A quick update on the wedge pattern. Still waiting for a confirmation to break. Lets keep a close on it.
What are your thoughts on a industry correction of 40 to 50 percent. Seems like the entire sector is over bought with not much positive fundanental news to drive prices higher the feeling I am getting is one of total short term meltdown with a long period of stagnation tbere after.
SailingParrot
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@MarcKevinSwickle, Have the sam thoughts.. already tightened my current stops
abdullatrader
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@MarcKevinSwickle, I agree, but lets not forget we are still in a major trend and corrections for the market is healthy. Once quote I always keep in mind by William O’Neil “What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.”.
ThomasCrown
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I am charting the same thing. I believe 7950 we will test support. If we break, 6300 is looking prime.
MrKotter
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@ThomasCrown, that is exactly what I have come up with myself. 6250 to be fully exact was the number I came up with with a large potential to still go to $5000
estepix
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Hi Abdulla, I have been learning a lot from you lately and I just wanted to say thanks for your ideas and your detailed explanations. Keep up the good work!!!
kpcodes
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Isn't his a head&shoulder formation now?
abdullatrader
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@krishna88, I don't see it as a head and shoulder, but thanks for sharing your idea!
shaktimotani
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Hi
What should be the Entry Point for btc for a long term investor ( 12 Month - 24 Months ).
Please suggest
Regards
abdullatrader
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@shaktimotani, I don't give any trading recommendations.