In previous analysis i have talked about a few other factors, why Bitcoin will make a big correction.
I thought that 16.000 was the max for this upwards correction, but it has made a small overshoot to 16.500. I am already short between 15.200 and 15950. I announced this when BTC was around 13K . My stop was at 16.600 and 17.200, but if it keeps hanging above the 15.600 the next few hours, than that will show a sigh of strenght and it will probably take out the red resistance line. So i will probably lower my 17.200 stop to 16.600.
My target's are below the 10K but i can adjust if i see new signs.
dropping on the first small supprt at 15.400, next support at 15.200
No real bounce up here, probably will loose the fight over 15.200
Small H&S, to stay weak it has to stay below the 15.500
Btstamp showed a very big sell order pushing it down 300 points to just below the 15K. within a half minute the rest followed.
i think this will be the last small drop for now,
Target of the H&S perfectly reached!! Target of the bearish flag also perfectly reached!. Small overshoot, I though 15.550 would be the max for now. It shows the fear in the market!! As i mentioned before, now i expect that it will cool down a bit, go sideways between 14.500 and 15.200, with this price action making a right shoulder of a bigger H&S. But all of this is still within the BIG H&S a posted a week ago! My believe the sentiment is not that strong anymore (on Bitcoin) the last 2 weeks. I believe we will see prices below the 10K again.
BUT i will close my big short positition earlier if i see new signals
Something else, i will stop updating if i wont get more likes. I just feels like an insult :), for again a perfect trade with updates.
As suspected, trading range between 14.500 and 15.200. It could extend a bit more, but for the negative version a maximum of 15.600
I have added some at 15200
If it stays within this cirkel, than expect some acceleration downwards after. If not, than this consolidation will take longer and chances increase that it will go towards the 15.500
It could still drop back in, for more negative sentiment, but chances are bigger it will go sideways and maybe slowely higher,
It almost looked like the negative sentiment was loosing strenght, but with this drop it's at full power strenght again. The red resistance line worked perfectley! It bounced of several times. It is showing some buying power now around the 13.800, but that will be probably only be short term
It has dropped faster than i thought, it confirmes the negative sentiment now. I do think there is some support now, that's why i have closed half my position, cause i have a very big position from the 15K/16K level. Not taking to much risk with the Bitcoin!!
If it drops below this triangle, expect low 13K
I'm actually a self trader on futures and currency since 12 years
thanks a lot