It is possible that Bitcoin -0.89% finishes this triangle and breaks south. If you think that it will complete this triangle, then option 1 is for you. If you are so that you don't think it will break this white resistance, then option 2 is likely for you.
We're just targeting the top of the here, so it could go lower, or it could fall just a tad shy. But $9,300 is where we are aiming.
This is also a long-setup play! Not only do the bears target this range, but the bulls target long positions for this area as well! This play could benefit both.
I will not activate any trade here as I can't even short, but I figure this would be a nice post for what is possible to happen in the short term.
I also want to note that this looks like a termination triangle. A 3-3-3-3-3, which is usually a indication of the end of the downwards correction. Though we may fall from this triangle, I count a 1-2-3 combo in each wave so far, I don't think the velocity of the next drop (if we do have one) will be very strong.
Finishing the top side of this triangle. It may lolly gag around this level for the next few hours before making a decision. Volume is very low, this looks like a bull trap to me. It could still find support at the bottom triangle as well, so it would be wise to break up your shorts rather than doing one large one.
BOOOM!!! Just got back from morning workouts and PT to see my target was hit! I've been on a cold streak during this correctional phase, so it's about time a nail one. Buy order was surely enough filled at $1308.
BUT, keep in mind that the indicators show that we can still go lower (Maybe $9200 range). Here are two long position plays that you all can target from here in the short-term (1-3 Days).
Congrats if you shorted the sucker. Now its time for the Bulls to make a little money too!
Since 2015, Bitcoin has not seen a daily RSI of below 30. Right now we are at 32. Is this where we bounce? Does a target of 8k bring us to 30 RSI? Do we break from that trend support and become oversold??? NEXT TIME ON CRYPTO XZ.
No but really guys, these next few days will be very interesting, get your cash out, something big will happen.
Another note: I have 2 exams at 1:30 and 3pm and I have yet to study for them. Cryptos are taking my attention away. In a week, I will let you all know how I do.
Alright guys. No idea how i did on my exams, I either failed or Aced them, no in-between.
Anyways, Bulls! My friends! Let's analyze this situation very quickly. We're pushing up nicely here! But is this the end of the bear run? Maybe not! What I'm going to do is target $9650. We may not hit it on this A wave, but I would expect it to be hit on the next C wave. I may double dip here.
But what this is likely to be is a dead cat bounce. So i'm looking to take advantage of this short-term bounce with another buy the next time this falls. We're still facing this white resistance, and I don't think we break it just yet. So I'm looking for profit around that level and re-entry back in that green zone. Or more specifically $9086.
For these trades, I will (TRY TO - Which means I may forget to) activate and close them when I enter and exit. During these correctional phases I hate leaving my money in the market, I've only lost when I've done that (when I sleep).
Now, if you are a bear and REALLY want to see Bitcoin hit the bottom of 8k, i drew that red line just for you. Personally, I don't think that is likely, so I'm focused on the yellow line for now. The bull targets previously posted at 10k and above may have to wait. I'm here to game the system and make an unnecessary amount of money.
Looks like we hit a short-term cat bounce. Pretty damn sure we still pop up from here. Short-term target remains the same.
NOOOO my bear scenario came true!!! (2nd update above this one).
Well, if you were a bull like me, congratulations. You played yourself. Anyways, indicators and wave count tell me that that was likely the bottom and we should be getting a double bottom right in that buy box. OR, we could even go lower than that (still possible).
This update is pretty busy, so I tried to remove the waves so you don't mix them up with the resistances. We have MANY levels of resistance lol, so its going to take some volume and conviction for Bitcoin to move up from here. I have 2 base targets that I think we can get to. BUT, it is still possible that we never break that second resistance and we head back down to re-test this area once again. The red arrows show possible levels of resistance where we see rejection. I'm actually pretty intrigued in the second option where we reach the 10k level and head back down to the upper 7k area. I think that's a very possible scenario.
My long-term scenarios still stand. Once again, my dumbass left my money in the market overnight and was bit in the tail for it. However, I'm just going to hold onto my positions from 9.1k and go into investor mode. For once, i'm not really interested in getting a lower price on this position just yet. It's the simplest and most secure way of playing these unpredictable corrections. Good luck guys! Hope this helps!
BOOM!! Just like that. First target is hit (even though that just breaks us even from entry LOL). But I think this may have a little more upside to $9.4k. We'll see how this plays out, but it should rotate around this level for the next day before it drops back down again.
Day Trader's Warning! Small drop coming on Bitcoin.
BOOOOM!!! There it is guys! It hit our $9200 target, dropped back into our buy box and is headed up to our next target! We're gonna target the $9940 to $10360 range for this motive wave!
Sorry for the late notices, I'm having fun this weekend.
7k level came sooner that I thought! Sorry I haven't been here to update, I've taken some time off just to have fun and focus on a few other things. We didn't quite reach the 10k target, we fell a little short, but it's still in play. This drop to the lower bottom of this descending wedge should be coming to a close here, the question is if we get another double at this level after motives towards 10k, or if we continue upwards. I believe that we fall back down and complete this ABCDE formation, but it is also possible that this wave count is just wrong. So let's continue to use our indicators to help figure out where we may be headed. We have a lot of support at this level and should move upwards regardless of what happens next.
After a possible continuation of this correction, it's hard to say what will happen with the E wave, because typically it will do what you don't expect it to do. It either falls short of the target, or overshoots it. If it overshoots it, we have a nice secondary support zone. The funny thing about this analysis is that it actually matches up very nicely with the Chinese New Years, lol. And that wasn't done on purpose. So we'll keep our guard up and our eyes open to help move along this correction. Hope you all are doing well!