BITCOIN DOWN TO 6K MIGHT BE POSSIBLE SOON! Possible H&S forming.
Greetings earthlings,
As we have witnesses once again, the bulls were unable to break the MAJOR historic resistance line above 7500 - a milestone necessary to reach new higher highs.
The major historic line also pushes the price down so unless the price breaks above that major historic resistance line, the price will continue to decline, and that is inevitable.
Now that we have that clear and we know that the price will probably continue to decline, let's see how we can benefit from it :)
As we can see after the last bear run that brought the price down to 6700 range, the bulls were unable to drive it back up BUT, the bulls' last attempt has started forming the right shoulder which I actually expect to see completing within the next one or two candles.
Should that happen this is what I would do:
If already bought in I would sell when the price drops below the green dashed line IF accompanied with RISING VOLUME <-- this is important!
One can also wait for the candle to close below the green dashed line as to make certain that the price will more than likely continue to decline, and volume should also be taken into consideration.
Buying back or buying in (if just getting in), should be at the buy zone but one should wait for the price to start retracing as to make sure that the price hit the lowest point the bears can take it and it then starts coming back up. Also pay attention to the RSI indicator to know when the price has reached oversold levels and expected to turn back. This should be below 30 RSI.
Of course one can always buy in before that if they feel happy with their gains :)
Remember, THIS IS NOT A FINANCIAL ADVICE in any way, shape or form.
One should do their own due diligence and analysis before investing any money (or anything for that matter).
Also remember not to trade with money that you cannot afford to lose, no matter how 'sure' it is ;)
That's all for now folks.
Let's see how this one plays out.
Namaste :)
As we have witnesses once again, the bulls were unable to break the MAJOR historic resistance line above 7500 - a milestone necessary to reach new higher highs.
The major historic line also pushes the price down so unless the price breaks above that major historic resistance line, the price will continue to decline, and that is inevitable.
Now that we have that clear and we know that the price will probably continue to decline, let's see how we can benefit from it :)
As we can see after the last bear run that brought the price down to 6700 range, the bulls were unable to drive it back up BUT, the bulls' last attempt has started forming the right shoulder which I actually expect to see completing within the next one or two candles.
Should that happen this is what I would do:
If already bought in I would sell when the price drops below the green dashed line IF accompanied with RISING VOLUME <-- this is important!
One can also wait for the candle to close below the green dashed line as to make certain that the price will more than likely continue to decline, and volume should also be taken into consideration.
Buying back or buying in (if just getting in), should be at the buy zone but one should wait for the price to start retracing as to make sure that the price hit the lowest point the bears can take it and it then starts coming back up. Also pay attention to the RSI indicator to know when the price has reached oversold levels and expected to turn back. This should be below 30 RSI.
Of course one can always buy in before that if they feel happy with their gains :)
Remember, THIS IS NOT A FINANCIAL ADVICE in any way, shape or form.
One should do their own due diligence and analysis before investing any money (or anything for that matter).
Also remember not to trade with money that you cannot afford to lose, no matter how 'sure' it is ;)
That's all for now folks.
Let's see how this one plays out.
Namaste :)
Trade active:
This is the point where things get interesting.
The majority of new traders would be fooled to believe that Bitcoin price is going to go up when in reality she will be coming down.
If you look closely the price of Bitcoin is nearing the major resistance line so two things can happen at this point.
We will either get an exact mirrored image (flipped horizontally) of the left shoulder OR the price of Bitcoin will break above major resistance line BOTH of which are good :)
That said I still believe we will get a mirrored image of the left shoulder including the candle with the big shadows (long wicks) which will signal the last attempt for a break out before heading South....
On another note, if you are waiting to buy in (like me) I would be VERY careful as not to buy before the price breaks above the major resistance line because like I said before, if that resistance is not broken, then the price is coming down.
This one is really interesting to follow.
The next couple of candles will be really interesting to watch.
Again, let's see how it plays out!
Be good, stay safe.
Namaste :)
The majority of new traders would be fooled to believe that Bitcoin price is going to go up when in reality she will be coming down.
If you look closely the price of Bitcoin is nearing the major resistance line so two things can happen at this point.
We will either get an exact mirrored image (flipped horizontally) of the left shoulder OR the price of Bitcoin will break above major resistance line BOTH of which are good :)
That said I still believe we will get a mirrored image of the left shoulder including the candle with the big shadows (long wicks) which will signal the last attempt for a break out before heading South....
On another note, if you are waiting to buy in (like me) I would be VERY careful as not to buy before the price breaks above the major resistance line because like I said before, if that resistance is not broken, then the price is coming down.
This one is really interesting to follow.
The next couple of candles will be really interesting to watch.
Again, let's see how it plays out!
Be good, stay safe.
Namaste :)
Comment:
Price is testing Major resistance line now.
Let's see how this plays out...
Let's see how this plays out...
Comment:
It seems that the bulls yet once again failed to break resistance.
Let's see if the bears can bring it down further.
Let's see if the bears can bring it down further.
Trade active:
As predicted she is coming along nicely. We have been expecting for the price to drop so nothing fascinating there :)
What would be fascinating to watch is the next candles.
The current candle already has good volume at only 25 minutes in.
Market cap also indicates the bears are in control of the market again.
They will probably start testing the support line (green dashed line) soon.
However as I have mentioned before, I do expect the bulls to make another try only to end up at he major resistance line (probably reach around 7000 - 7025) and then start heading back again.
This might take a while though.
Once again, if you want to be extra safe, wait for the candle to close below green dashed line.
Be good, stay safe.
Namaste :)
What would be fascinating to watch is the next candles.
The current candle already has good volume at only 25 minutes in.
Market cap also indicates the bears are in control of the market again.
They will probably start testing the support line (green dashed line) soon.
However as I have mentioned before, I do expect the bulls to make another try only to end up at he major resistance line (probably reach around 7000 - 7025) and then start heading back again.
This might take a while though.
Once again, if you want to be extra safe, wait for the candle to close below green dashed line.
Be good, stay safe.
Namaste :)
Trade active:
Well, that didn't take long.
Testing of support line has commenced!!!
Testing of support line has commenced!!!
Comment:
Support line seems to be annihilated!!!
Trade active:
As we can see, support turned to resistance now.
Let's see how it holds up against the bulls.
Let's see how it holds up against the bulls.
Trade active:
The bulls still seem to be unable to break the resistance that yesterday was support for them. And even if they do, they will only be met with the major resistance - which in my opinion will hold till sometime in May, maybe a little longer than that.
That said, set your alerts to go off when price hits below 6540 to know when the bears have started testing the last support level.
Once that happens get ready for the price to hit the Buy Zone soon after that.
Be good, stay safe.
Namaste :)
That said, set your alerts to go off when price hits below 6540 to know when the bears have started testing the last support level.
Once that happens get ready for the price to hit the Buy Zone soon after that.
Be good, stay safe.
Namaste :)
Trade active:
Another update on our idea.
It would seem that the bulls are still unable to break through resistance.
We haven't seen the price touching the 7K mark yet but it probably will before heading South.
Once again DO NOT buy in unless price breaks above major resistance (candle close above) or price drops to buy zone. Anything between that is an uncertainty and should be avoided.
That's all for now.
Be good, stay safe.
Namaste :)
It would seem that the bulls are still unable to break through resistance.
We haven't seen the price touching the 7K mark yet but it probably will before heading South.
Once again DO NOT buy in unless price breaks above major resistance (candle close above) or price drops to buy zone. Anything between that is an uncertainty and should be avoided.
That's all for now.
Be good, stay safe.
Namaste :)
Order cancelled:
UPDATE:
The bulls have tested the 7K mark as was expected.
The H&S pattern is not at play anymore, however, if you are waiting to buy in wait for the price to close ABOVE major trend line and NOT before that.
The resistance can drive the price down even lower and I do still expect to see a price drop to 6K and maybe even a little bit lower.
That however will be determined by the market players.
See you in the next one.
Be good and stay safe.
Namaste :)
The bulls have tested the 7K mark as was expected.
The H&S pattern is not at play anymore, however, if you are waiting to buy in wait for the price to close ABOVE major trend line and NOT before that.
The resistance can drive the price down even lower and I do still expect to see a price drop to 6K and maybe even a little bit lower.
That however will be determined by the market players.
See you in the next one.
Be good and stay safe.
Namaste :)
It would seem that the bulls were not ready to give up yet, but the bears explained to them that their will is much stronger than theirs right now :)
The right shoulder still seems to be taking form and while taking a little longer, the original idea is still at play.
Hope today finds you all well and healthy.
Be good, stay safe.
Namaste :)