Back to Bear
Link to my previous forecast, which was quite accurate but personally missed the ride due to a misplaced sell order (~$15,-) - tradingview.com/v/C3KWMAlW/ . This one however I already acted upon.
You'll probably find this chart extremely messy, and I won't deny that I'm an inexperienced trader - as such I'd welcome any form of feedback or your thoughts on the recent price movements!
Introduction
So I went long about 2 months ago after the bearish trend line was breached and the well-known EMA lines crossed (indicated in this chart), with the idea of not looking back until the price would be above $5000,-. However, today I went back to bear after seeing the BTC price slowly slipping out of the 600s over the course of last week and reviewing current sentiment, charts and forum posts.
Why I took this trade
- The daily 10/21 EMA crossed, which is often a sign of imminent bearish pressure
- Weekly MACD is decreasing, which indicates there's no sign yet of a new bullish period forming for the upcoming months
- Volume is very weak, although in Bitcoin this alone doesn't necessarily indicates much
- The large amount of positive news recently had zero positive impact on the price, which make it seem that there's little support currently for prices above the 600s, or even in the 600s.
Uncertainty
- Daily Stoch RSI, MACD and other indicators already seem to be very low, which causes my main uncertainty for this trade I took
Forecast
- I currently have my bids set on a retrace to ~$475 and even a full retrace back to ~$340,- .
You'll probably find this chart extremely messy, and I won't deny that I'm an inexperienced trader - as such I'd welcome any form of feedback or your thoughts on the recent price movements!
Introduction
So I went long about 2 months ago after the bearish trend line was breached and the well-known EMA lines crossed (indicated in this chart), with the idea of not looking back until the price would be above $5000,-. However, today I went back to bear after seeing the BTC price slowly slipping out of the 600s over the course of last week and reviewing current sentiment, charts and forum posts.
Why I took this trade
- The daily 10/21 EMA crossed, which is often a sign of imminent bearish pressure
- Weekly MACD is decreasing, which indicates there's no sign yet of a new bullish period forming for the upcoming months
- Volume is very weak, although in Bitcoin this alone doesn't necessarily indicates much
- The large amount of positive news recently had zero positive impact on the price, which make it seem that there's little support currently for prices above the 600s, or even in the 600s.
Uncertainty
- Daily Stoch RSI, MACD and other indicators already seem to be very low, which causes my main uncertainty for this trade I took
Forecast
- I currently have my bids set on a retrace to ~$475 and even a full retrace back to ~$340,- .
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