BTCUSD bouncing off 7-month trendline up to $9500-$11000
We are at a very critical point.
The 7 month old trendline (RED) with 10+ contacts, is colliding with the 1 month old trendline (YELLOW) with 5+ contacts.
Due to Bitcoin having already dropped ~45% from it's highest high so far after hopping over the 200 DMA in March 2019, I believe it's time for BTC to continue the makenings of what is going to be the biggest bull run in BTC's history. History does not repeat, but if it does rhyme again, we are looking at $400k-$600k BTC after the halvening. Probably in Q4 2021.
Ok back to today. There is not much resistance between $8800 and $9500.
I believe that since those 2 strong trendlines are crossing, we must see a decisive move either to the upside, or to the downside imminently.
The selloffs are weaker and weaker, it seems like the sellers are exhausted and BTC is going to pump now. If we manage to break the 200 DMA (currently at ~$8800), i think BTC is going to be bought up into the target zone between $9500-$11000.
Of course we might now see a large move to the downside, possibly to $7500, but most likely it will be nothing than a quick wick to the downside as it will probably be bought up so quickly that you are lucky if you get to open a long.
Whether it currently goes up or down, I believe we are at a great moment right now to open up a long term long contract with low leverage. If the liquidation price is low enough and the contract expires in March 2020, then it should be quite safe to earn some nice long term profits.
I have a long term 5x long contract, which has a liquidation price at $7000 and a stop loss just above it.
Let's see if I get REKT with this position, or have I hopped on a rocket ship ready to launch.
The 7 month old trendline (RED) with 10+ contacts, is colliding with the 1 month old trendline (YELLOW) with 5+ contacts.
Due to Bitcoin having already dropped ~45% from it's highest high so far after hopping over the 200 DMA in March 2019, I believe it's time for BTC to continue the makenings of what is going to be the biggest bull run in BTC's history. History does not repeat, but if it does rhyme again, we are looking at $400k-$600k BTC after the halvening. Probably in Q4 2021.
Ok back to today. There is not much resistance between $8800 and $9500.
I believe that since those 2 strong trendlines are crossing, we must see a decisive move either to the upside, or to the downside imminently.
The selloffs are weaker and weaker, it seems like the sellers are exhausted and BTC is going to pump now. If we manage to break the 200 DMA (currently at ~$8800), i think BTC is going to be bought up into the target zone between $9500-$11000.
Of course we might now see a large move to the downside, possibly to $7500, but most likely it will be nothing than a quick wick to the downside as it will probably be bought up so quickly that you are lucky if you get to open a long.
Whether it currently goes up or down, I believe we are at a great moment right now to open up a long term long contract with low leverage. If the liquidation price is low enough and the contract expires in March 2020, then it should be quite safe to earn some nice long term profits.
I have a long term 5x long contract, which has a liquidation price at $7000 and a stop loss just above it.
Let's see if I get REKT with this position, or have I hopped on a rocket ship ready to launch.
Trade closed: target reached:
Trade worked out. I had a 5x long open with stop loss at $7k. As I said, there might be a move down to $7500 before the move up, but my trade should be safe. And there we went up to the target zone of $9500 to $11000 just as i predicted
