The recent BTCUSD movements have proven my perspective from Sep-03 right. We're heading down and a new trend channel to lower regions is about to open. Price retraced from the top of the last mid term rising trend, down to the 0.382 fib level. It retested the 0.236 fib level in a fresh swing to the upside. Now it looks as if it would get rejected there. This confirms the current mid-term downtrend.
Where now?
The next level we could be heading to is the 0.5 fib level of the last mid-term upswing at around 41.200, if we should poke through it we would see 38.5k as well. Large retracements like this would be little surprising, we had this before.
If not, we could still see prices confirm the new falling channel with another 51k retest. I think that this is less likely.
If price would hit 50k and rise above, my strategy would prove wrong.
What do you think?
_____
Of course, this is not a trading advice, just my private analysis as well as a text for entertainment purposes.
Never put your heart and your money in the same place.
You could end up with your balance getting f***** while you're doing the hard work.
Where now?
The next level we could be heading to is the 0.5 fib level of the last mid-term upswing at around 41.200, if we should poke through it we would see 38.5k as well. Large retracements like this would be little surprising, we had this before.
If not, we could still see prices confirm the new falling channel with another 51k retest. I think that this is less likely.
If price would hit 50k and rise above, my strategy would prove wrong.
What do you think?
_____
Of course, this is not a trading advice, just my private analysis as well as a text for entertainment purposes.
Never put your heart and your money in the same place.
You could end up with your balance getting f***** while you're doing the hard work.
Trade closed: target reached:
This one played out neatly. We reached the 41.2k as proposed, by a steeply falling price action yesterday. Falling channel got another confirmation in terms of width and direction. Time to press max money out of this.
Do you trade this mid-term downtrend? How? Are you being successful on this idea? Pls leave a comment and a +1
Do you trade this mid-term downtrend? How? Are you being successful on this idea? Pls leave a comment and a +1
