You see, when you ask 10 Traders what their absolute bottom is on a certain stock, they will mostly give you 10 different answers. What we do see is that we are finding more and more support, more coming in and we re reaching the floor of where the parabolic move started early november/December 2017.
We see divergences,
We see the same patterns as with the most recent sell ofs
We see bitcoin trading against a decending strong
We see an correction ending the small correction after the downtrend, this should result in continuation of the downtrend until 5.8K or about there.
I dont like to go into much detail with waves etc, I only share a possible trajectory we see for Bitcoin so you dont have to panic when we breach the previous low.
So, you know what can happen now. Act upon it, Make a plan, and dont panic.
Keep in touch guys, Trade safe,
dont know where to start?
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when that happens we will see some more selling pressure, and at the close of the hour bar we may breach below.
If the cross doesnt happen we maye trade a bit higher, but we still tend towards a continuation of the downtrend until we breach the 12.5 and even 14K bitcoin value again to confirm bullish trend.
The MACD 1 hour still didnt cross over it looks as if there s a lot of buying support.
Just be prepared if another sell of follows at or around this point, And look at it as an opportunity to buy more or scale in carefully.
Pink lines possible bounce3 areas, reversal confirmed by breaching the upper decending trendline of the trading channel.
Note these are short timeframes and are difficult to predict. As long as it trades in the channel, this idea is VALID.