COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has finally broken through a $9k support level , due to such a heavy impulse breakthrough, this may suggest 2 possible outcomes:

1. It's just a retracement, market will resume bullish from $7k.

2. Price has also broken below the 200 EMA which may continue a bearish run to perhaps $5k & under.

The RSI is currently hovering in oversold conditions (not saying I follow the reliability of the indicator), ideally I would like to see bulls break through $10450 area before looking to go long.
Comment: So far BTC is in line with the first point, pushing down to the $7k mark.
so you saying you are not going to long the bounce from 8500 to 10450 if it happens? sounds like an odd thing to do. isnt this type of action what everyone is wating for in crypto land hughe swings and life changing trade potential?
also why do you link an indicator in your analysis if you arent folowing it or think its reliable.
id go back to the drawing board
Reply
Jaxpx zzerg85
@zzerg85, Thank you for your comment, yes I'm glad you understand what I'm saying, I thought my description was pretty easy to read. "if it happens", for every probability estimate in one direction, there is a residual probability in the opposite direction. Considering the large impulse down, it's unlikely that price will bounce from 8500, now this is subjective. That doesn't mean that it will not happen. I am not "everyone", everyone has their rules, I have mine. I predominantly trade other currency pairs & trade bitcoin if I see a viable set up. $10450 is the region I am willing to wait for, it's as simple as that. And in terms of "life changing trade potential", I understand your point, however I'm passed that view, I know what trading can do. I'm more focused on the process rather than the focus on money. Also I link an indicator to my analysis because an indicator adds further confirmation in a set up. That doesn't necessarily mean that the indicator is reliable all the time, but with it being there, it helps to a certain extent. I've been back to the drawing board and I've refreshed my memory. Have a nice day sir.
+2 Reply
@Jaxpx, have a nice day mate
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