Please be advised that this is only an idea, so you are responsible for any losses yourself.
This is only an update of my previous idea BTC -1.60% idea, but I post this updated chart and explanation to keep a clear overview of it. (See related ideas for the previous updates) We reached our first target $9600 and we are heading towards our next target. I’m short for an average of $11.318,02 be precisely and I took some profits at the first target. Yesterday, I changed my SL to $9550. So it’s impossible to lose money in this trade for me now. I already made a huge profit.
I posted my previous idea when BTC was in a recovery, so a lot of people were targetting BTC on $20.000,- again. I posted my idea and I received some angry messages on Twitter and people called me crazy and an idiot. No hard feelings, but these are emotional messages and I think the chance is high that you are also not able turn of emotions in a trade. Please, turn of your emotions if you trade. I wish everyone the best and high profits. Let’s say this: I’m not always right but I just follow my TA and I know I’m more often right then wrong. That’s how I make my profits. If you don’t agree, please post your chart and we can discuss it in a normal way. I like to see and discuss other ideas in a normal way. That’s why we are here and how we learn from each other. 🙂
For me it’s very simple: we are down $12.000 within 3 months. We saw three lower highs and a is formed. Sorry, but it’s very clear for me that we are in a market and I’m happy that I’m not one of the HODL-ers. My Twitter followers know, that I have a 100% cash position in crypto for the first time since 2014. I sold all my positions on the 7th of March. It was a good choice for now. I’ll buy back crypto when the time is there. E.g.: our final target 50ma weekly can be a good entry point. But first let’s see how things will develop.
What we saw was a recovery in a downtrend where we are in since 12-30 after we broke a main support line. (Dotted red line). That downtrend was confirmed again after we broke another strong support. (2-16, red dotted line). We recovered towards resistance (2) as expected and we went down from there.
Support 1 is a strong , but I wouldn’t be suprised if we will break it next days/ weeks. Around this we find the raising 200ma (our previous final target). This makes this level even stronger. A break through these supports will accelerate a big sell-off towards the raising weekly 50 ma (4200 now). I expect the 50ma weekly around 4400 when we reach it. A bounce from support 1 might give us the chance to expand short positions again around resistance 2, because we take partially profit at each profit target.
Target 1: 9600 (Reached: Previous idea)
Target 2: 7650 (support line 1)
Target 3: 6200
Target 4: 50ma weekly (Now 4200, then around 4400?)
In summary, we are in a downtrend and support (1) is going to be a though one. If we bounce it. I’ll expand my short positions around resistance (2) and I’ll take profit at the profit targets.
I’m sorry for the Bitcoin -1.60% -2.24% lovers again and good luck!
Please, follow and like for more trading ideas.
Questions? Feel free to ask and your feedback is welcome!