Bitcoin, short relief rally may be imminent
Bitcoin has fallen for the last whole week. it is now making a falling wedge, which is bullish at least for short term. It has hit 7280 today, but at the moment, there is a chance that it would not be the low. 7180~7280 zone could be visited as it is having hard time breaking through 7400.
many bullish traders target 9k(in terms of EW), but that is not on the table. this bounce has more chance to be short lived, as major MA's are trending south. Harmonic pattern, also is invalidated because we broke down from 7.4k zone. in a downtrend, we cannot believe so much about patterns.
however, risk worthy to ride in this falling wedge bottom. 4hr looks bearish, but 1hour is trying to make a bullish momentum. so it will take some more time to develop a bullish div on 4 hr with zig zags and making new lows. daily stoch has bottomed on daily(even though rsi levels are high). macd on 4hr will try to make a golden cross.
I would take my sell targets conservatively, at its first bounce hike, which would be around 7.5k or near. it may push little bit more to 7.7k, but i think alt coin movement won't be dramatic at that point where volume will decrease in main resistance level.
the falling wedge is huge, which normally indicates that it would go further north, over 8k~8.5k. however, considering current downturn confirmations on various indicators, we cannot dream of a higher high when recent monthly close has limited the top at 7700ish.
there is a possibility of making a 'double top' like other traders say, to around 8.4~8.5k. if so if that happens, I would be thankful and sell all my positions and go short, because daily RSI will 120% make bear divergence at that point(over rsi 70 will not be reached).
HOWEVER, it might fall out of the falling wedge, going south to 7k or below. below 7k will be a stop loss for this trade, cut loss in a quick manner, rebuy at lower levels. ALSO if these levels do not come and go north, i will analyze a NEW spot for long/short positions.
if you already invested in 7290/7300 zone, hold for now and try to buy more if it dips.
buy:7180~7280
sell:7500/7700/7900+@
many bullish traders target 9k(in terms of EW), but that is not on the table. this bounce has more chance to be short lived, as major MA's are trending south. Harmonic pattern, also is invalidated because we broke down from 7.4k zone. in a downtrend, we cannot believe so much about patterns.
however, risk worthy to ride in this falling wedge bottom. 4hr looks bearish, but 1hour is trying to make a bullish momentum. so it will take some more time to develop a bullish div on 4 hr with zig zags and making new lows. daily stoch has bottomed on daily(even though rsi levels are high). macd on 4hr will try to make a golden cross.
I would take my sell targets conservatively, at its first bounce hike, which would be around 7.5k or near. it may push little bit more to 7.7k, but i think alt coin movement won't be dramatic at that point where volume will decrease in main resistance level.
the falling wedge is huge, which normally indicates that it would go further north, over 8k~8.5k. however, considering current downturn confirmations on various indicators, we cannot dream of a higher high when recent monthly close has limited the top at 7700ish.
there is a possibility of making a 'double top' like other traders say, to around 8.4~8.5k. if so if that happens, I would be thankful and sell all my positions and go short, because daily RSI will 120% make bear divergence at that point(over rsi 70 will not be reached).
HOWEVER, it might fall out of the falling wedge, going south to 7k or below. below 7k will be a stop loss for this trade, cut loss in a quick manner, rebuy at lower levels. ALSO if these levels do not come and go north, i will analyze a NEW spot for long/short positions.
if you already invested in 7290/7300 zone, hold for now and try to buy more if it dips.
buy:7180~7280
sell:7500/7700/7900+@
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its trying to break out of wedge, not sure but with good probability, but if does 7180~7280 scenario may be invalidated for a while and heading north may have started. i will not FOMO in at this price and buy more, just would check things tomorrow. anyway still have some longs at 7290~7300.
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if it comes up with low volume, this might be on the cards.
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from the looks of it, another short term shorting party may be in the play. try to buy as high over 7500ish, or 7580(or 7480 at least), and sell it low 74, or 7.35~8 range. stop should be triggered over 7600. it may be an early call, but considering low volume weekends, bull's lost conviction, this may work over the weekends..הערה
Boom.btc went down to 7350 andcame back up.for those entered short at 7525 would have earned profit from 100 points!
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try to buy 7350~7400 area, with buy orders down to 7250 in pyramid manner. i don't think it would collapse today, it would try couple of more times upwards at least.הערה
market looks week, bulls try to defend 7380/7400, but there might be a chance this revisit the low in 7200ish. bulls try to make bullish candle, but keeps getting rejected, and ris does not look good. if it is defended we can see strong bounce, but it not it will resume the drop and blood bath. hope not.הערה
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עסקה סגורה: הגיע לסטופ
next support is 6800, but we cannot be so sure about a bounce so fast now. bull div got rejected.
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