Whilst Bitcoin still has to be considered to be in a bull trend on the Daily timeframe, the 4hr chart indicators are showing signs of breaking down. The likelihood is that Bitcoin has entered a range, and needs to find support at the lower end of the range.
Trade box is demonstrative only. Do own due diligence on 30 min charts for entries.
Need to be quick to hit this.
Bottom has been 'tested', and there are no doubt lots of bottom catchers all piling in. In my experience however, if the bottom was in, then 'they' would have run the stops out from previous pivot low, which they haven't......
track price with 61.8% retrace for optimal trend following entry.
Trade box as shown on chart, is valid...
Definitely bullish on Gold, but if Gold keeps pushing up and breaks out on this swing up, then have to consider the likelihood of a strong reversal back into the range coming off the back of it.
Would prefer to see Gold retrace about now, and move back down into range. if it can get back down to around $1700 first, then I would hit the long on the break of $1725.
Despite the massive price swings, Bitcoin chart over the past year is behaving just like an intraday range bound chart on the 30 min - 5 min time frames.
The Kool-Aid brigade expect nothing less than $100K by the end of 2021, cos 'The Halving, Stupid'.
Seasoned pros are expecting a post halving Sell-Off down to $7.5K.
Nobody is expecting $2K Bitcoin .
As mad as it may sound, Gold for me is a short for the next few weeks or even months.
In the face of the 'news', technicals are technicals, and Gold just painted a great big dirty Key Reversal on the Weekly chart, a key reversal backed up by break down of RSI thesis, and the $1380 resistance turned support level, just beckoning price like a magnet.
Still looking for bearish resolution of consolidation pattern.
1st Stop target is test of lows, thereafter adopt trailing stop strategy. There is no technical reason to believe the higher time frame Bitcoin Bear Trend is done, so DOWN has to be the bias on the lower time frames, but I would balk at holding any short position too far past a breach of the local...
Take note. This BTC short idea has not yet confirmed . Entering it prior to full confirmation across the 3 metrics I am looking at here, would be very silly.
Despite Bitcoin having already come down hard, there is nothing on the Higher Time Frame charts that suggests the slightest whiff of a trend reversal. Therefore the most probable thesis is that BTC is...
AUDUSD has already come down a lot, and HTF Harmonic targets have been met, and have overshot somewhat. So I wouldn't necessarily be looking for new lows here....certainly a 2:1 in there though, looking for a test of the lows.
I Stress. This is not a recommendation to jump on a Bitcoin short right now.....I state again. DO NOT SHORT BITCOIN RIGHT NOW!
.....but long term, $2K and below is where Bitcoin is headed.
Make no mistake!