It looks like BTC is following my original predictions to the bone. The logic behind the predictions were explained in my original post (link below). For those didn’t follow me, you are welcomed to go back and have a look of my previous TA on BTC.
The only difference in this updated post is that I have highlighted 2x potential reversal points of the short-term uptrend. As you can see, the risk of this trade is high if you want to go for long. If you are a risk averse person, the best option will be to wait for the rejection between $10139.1 - $10393 and place short positions.
Please note this is for education purposes only
Taiwan Bear
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The price action of BTC in the last couple of days is giving you a sleepless night? And you are probably staring at your computer right now? Well, I am no different.
Most of the top traders on TV are at this moment, trying to figure out WTH is wrong with BTC. It seems like the bull flag break out to the downside, piercing through EMA20 & EMA50 as if they don't exist. Then, when you think BTC is about to drop below $8000, it then suddenly jump back up. Well, what I am seeing is the formation of a symmetrical triangle. I was going to wait for a better confirmation signal to see if we can close the next 2x 4hr candle above the bottom of the symmetrical. However, as I am about to go to sleep, I thought I will give you a quick update so you don't just keep wondering.
Let's see what will happen in the next 2-3 4hr candle. I will give you a proper update then. Good night ;).
@lvg3g, I don't think many traders want to look stupid if their price target is not right. So, they just identify the trend.
UnknownUnicorn1780802
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@Taiwan_Bear, whether it gets to 9K, 9.5K or 10K, I still see a new lower low.
Taiwan_Bear
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@lvg3g, If you have seen my previous posts on BTC, my mid April target has always been $4400. And on my graph I clearly stated the possible reversal points. So yes, doesn't matter if it gets to 9k, 9.5k or 10k, BTC will likely go lower low. That's also the reason that I said in my post that the risk of going long currently is to risky, it's better to wait for the rejection at $9553, or between 10139.1-10393.
kardia
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@Taiwan_Bear, I think you're right about that, but also likely because of liability issues.
Taiwan_Bear
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@rev214us, true. Thanks for the info. I have now starting to put a disclaimer on all my posts
kardia
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@Taiwan_Bear, Wise thing to do. For educational purposes only. Not financial advice. Trade at your own risk.
Taiwan_Bear
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@rev214us, :)
EmVi
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Very nice explanation : )) just keep good work
custom_drake
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Looks you're improving in chars, as your previous one son BTC was complete fail, you can replay em to see how your TA was wrong, but lately you made good progress to feel trend or its just luck + trend guess