BTCUSD: Bears Won't Back Down
Hello All,
I hope everyone followed my last idea as BTC dropped from $36,000 (when idea was posted) to around $28,800. As expected, since then BTC has rebounded a bit to touch $34,000 confirming it as new resistance.
The last few days, there has been no strength on BTCUSD. Some people credit this to all the FUD going around. Personally, I don't. The reason being, BTCUSD showed bearish TA for weeks now. This drop needed to happen. BTC was up almost 1000% in less than a year! OF course we need retracement no matter how bullish the sentiment is.
While looking at the chart, We can conclude BTC has broken BOTH multi-week downtrends. We are left with one last one (red line) shown on the chart. I expect this to hold.
BTCUSD confirmed $33,700 as now RESISTANCE. The past month it has been a bottom support for BTC.
The RSI on many high timeframes need a serious correction to oversold levels. Some of the time frames haven't seen an RSI under 30 for MONTHS.
This is slow and steady. I put my targets on the board in green box. Let's see how this plays!
Please comment and like!
Happy Trading!
I hope everyone followed my last idea as BTC dropped from $36,000 (when idea was posted) to around $28,800. As expected, since then BTC has rebounded a bit to touch $34,000 confirming it as new resistance.
The last few days, there has been no strength on BTCUSD. Some people credit this to all the FUD going around. Personally, I don't. The reason being, BTCUSD showed bearish TA for weeks now. This drop needed to happen. BTC was up almost 1000% in less than a year! OF course we need retracement no matter how bullish the sentiment is.
While looking at the chart, We can conclude BTC has broken BOTH multi-week downtrends. We are left with one last one (red line) shown on the chart. I expect this to hold.
BTCUSD confirmed $33,700 as now RESISTANCE. The past month it has been a bottom support for BTC.
The RSI on many high timeframes need a serious correction to oversold levels. Some of the time frames haven't seen an RSI under 30 for MONTHS.
This is slow and steady. I put my targets on the board in green box. Let's see how this plays!
Please comment and like!
Happy Trading!
Uwaga
Hello Everyone, BTC did not like being at sub $32,000 levels. It has broken its smaller time frame downtrend and has broke to the upside trying the $33,500 resistance. To continue the upward trend, BTC has to hold $33,500 as support on bigger timeframes.
A big thing about trading is to not be bullish/bearish bias. The reason being, it closes off your mind to the opposite scenario you believe until you have no choice to believe it. So because of this, we cannot ignore the possibility of another bullish push which i've highlighted a potential scenario below. Ive done some analyzing on the past big market top which I found some potential similarities.
Uwaga
BTCUSD- 6h Chart. Bitcoin has broken down fast, showing bears still have control of this market as of now. We will look to enter sells when the flag breaks.
Follow me on twitter! twitter.com/traderview2
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Follow me on twitter! twitter.com/traderview2
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