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In the previous post for Bitcoin , I wrote about the possible trend reversal and a correction movement. That trading idea is still workable and you can find it in the related ideas below this post. The market dropped from 7600.00 level and now it's at 7000.00 level. This support zone seems very important for the market and further price movements. It's formed by 7000.00 level and SMA50. We can see that the price bounced already from this zone and it made a new attempt to move above the previous high. If the market can't break this support zone and drop lower, probably we'll see a new upward movement to 8000.00 level. If you like high risk trades, this opportunity for you. Entry level can be above the local high at 7300.00 with stop at 6800.00 level. Profit targets are 7600.00 and 8000.00 levels. Also if the market moves above 7600.00, the trend reversal signal will be changed into a signal confirming the uptrend continuation. But what if the price breaks 7000.00 support level? In such way you know what to do, read my previous trading idea for Bitcoin .
Bình luận:
The strong bearish candle after making a new high can be an additional signal of possible correction.
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Hi can you make a new chart after B2X was cancelled?
We should see a correction below 7k I expect around 6100-6500 levels, but we have to break 7k support before dropping lower, and if we break 7500 we see a reversal to new ATH.
We should see a correction below 7k I expect around 6100-6500 levels, but we have to break 7k support before dropping lower, and if we break 7500 we see a reversal to new ATH.
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I seriously don't get how Bitcoin moves anymore.
How is it possible that after the news (& the drop) it comes back up again? Just like this?
I know that no one knows the future of BTC, but just to ask, might there be a (new) huge correction to this? I mean basically dropping 500-600$ isn't what I expected..
How is it possible that after the news (& the drop) it comes back up again? Just like this?
I know that no one knows the future of BTC, but just to ask, might there be a (new) huge correction to this? I mean basically dropping 500-600$ isn't what I expected..
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@Shockinalive, expect the unexpected! :) But think about it.... a lot of people jumped on board pre-fork for various reasons. Namely, those against segwit2x saw an opportunity to increase their holdings with the prospect of obtaining free coins (B2X) expecting the same results as the previous bitcoin cash hard fork (free coins to be dumped for more bitcoin). Those who did support segwit2x, bought more bitcoin with the same prospect - obtaining free B2X - without the expectation to dump.
Now that segwit2x has been scrapped, you have a bunch of people with a bunch of bitcoin with absolutely no good reason to sell! :) Price stays up, more people jump on, reading the current situation as an indication of the resilience of bitcoin against attacks (yes, i also feel segwit2x was simply an attack on bitcoin, not an upgrade).
Now that segwit2x has been scrapped, you have a bunch of people with a bunch of bitcoin with absolutely no good reason to sell! :) Price stays up, more people jump on, reading the current situation as an indication of the resilience of bitcoin against attacks (yes, i also feel segwit2x was simply an attack on bitcoin, not an upgrade).
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@d3ssy, yes I agree with you. Unfortunately everything with BTC is unexpected haha. Right now, I just don't know whether I should just re-enter and maybe just HODL or wait for a better opportunity.
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@DLavrov thank you for your trading ideas. You had said on the previous BTC correction that it always corrects down to a certain SMA level but I can't remember which SMA it is. Would you please remind me? also considering the extreme bull run on this wave, would you expect that it should correct to the same SMA levels as the previous corrections? thank you!!!
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