Bitcoin Has Formed Another Bear Flag In This Bear Market.
Hey!
I am back with another Idea, this time looking at BTC again.
Ok, so it seems like BTC is struggling again.
Why?
Look at the number of bear flags, and quick, massive price drops this tells you only one thing, we are still in bear market. Bears profit from shorting BTC.
So when will be bullish?
We will be. We just need strong Impulsive wave that isnt going to be worth it for bears to fight against.
But bears are strong.. how can we even do this?
Dont worry, even bulls are, but they arent stupid, they wont fight bears just because they want price to go higher for the good of Bitcoin. Bullls are looking for an opportunity, we can still see more and more interrest in cryptocurrencys from banks, big investors and so on, the interest is there.
Ok thats great, but when will they get an opportunity?
Yeah, good opportunities are at support levels, we can bounce slighty of ~8,160$, or fall to 6,000$ and bounce upwards quicker. When bears take their profit.
So you say the 6,000$ is the bottom?
Not really, we can see the price of Bitcoin drive even lower under 6,000$. But dont Panic! Bitcoin wont dissapear, If you are holding, just hold, if you are smart sell on top of this flag, or if we fall now, sell now, and drive with bears and rebuy at bottom, simple as that! Just dont follow your emotions, follow your strategy!
Ok last question, how can I spot the bottom?
Yeah, when we are falling you need to take a look at the order book of the biggest exchanges.. I use this one data.bitcoinity.org/markets/books/USD . Pst, BTC also like to bounce of EMA´s.
I hoped I answered all of your questions about Bitcoin, but if you have some more, feel free to ask me down bellow.
Thanks, that is all from my side.
Good luck, trading!
I am back with another Idea, this time looking at BTC again.
Ok, so it seems like BTC is struggling again.
Why?
Look at the number of bear flags, and quick, massive price drops this tells you only one thing, we are still in bear market. Bears profit from shorting BTC.
So when will be bullish?
We will be. We just need strong Impulsive wave that isnt going to be worth it for bears to fight against.
But bears are strong.. how can we even do this?
Dont worry, even bulls are, but they arent stupid, they wont fight bears just because they want price to go higher for the good of Bitcoin. Bullls are looking for an opportunity, we can still see more and more interrest in cryptocurrencys from banks, big investors and so on, the interest is there.
Ok thats great, but when will they get an opportunity?
Yeah, good opportunities are at support levels, we can bounce slighty of ~8,160$, or fall to 6,000$ and bounce upwards quicker. When bears take their profit.
So you say the 6,000$ is the bottom?
Not really, we can see the price of Bitcoin drive even lower under 6,000$. But dont Panic! Bitcoin wont dissapear, If you are holding, just hold, if you are smart sell on top of this flag, or if we fall now, sell now, and drive with bears and rebuy at bottom, simple as that! Just dont follow your emotions, follow your strategy!
Ok last question, how can I spot the bottom?
Yeah, when we are falling you need to take a look at the order book of the biggest exchanges.. I use this one data.bitcoinity.org/markets/books/USD . Pst, BTC also like to bounce of EMA´s.
I hoped I answered all of your questions about Bitcoin, but if you have some more, feel free to ask me down bellow.
Thanks, that is all from my side.
Good luck, trading!
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Here you can see how can support became ressistance level.