As I have been trading TD sequential for some time now, I am partially LONG on Bitcoin but managing my trades with very tight stop losses.
If we wish for parabolic movement, we should be above $7,400 - $7,500 for price predictions $9,000 and above. Other than that, you could say buying Bitcoin at its current levels is no different to hitting the button on a slot machine.
I remain overall bearish on Bitcoin's long-term movement at the moment unless we break upwards towards $7,400 - $7,500, because we would be too close the all time high to simply break down. I will keep my intraday setup still, unless stopped out.
Red/Orange = Bearish Green = Bullish
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possible break out of rising wedge ... neutral zone
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BEWARE: WE could be apart of a corrective phase of an elliot. If this is true, we can go lower tomorrow! Readjust position size!
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missed target, embrace for [u]potential[/u] impact
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it is hard to hypothesize where we may head to next
Bearish until we break the $7500. Roger that, thanks for your analysis boss :) Great TA as always
jasonwhite
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@jasonwhite, @zeelorenc, I sold my BTC to USDT at $6800 hours ago, and I started regretting it, I was about to buy BTC at its current price, but your TA is making me re-think that decision. I guess its better to wait until it is confirmed bullish, even thouigh I thought breaking the 7k was a good bullish sign
zeelorenc
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@jasonwhite, well if you bought now and it dropped hard - you would be losing money. but if you bought at 7.5k you would be losing bitcoin but in my opinion not money - just simply based on the fact that i dont believe in double tops.
we're already up 10-fold and it is imperative that we aim to preserve as much of the capital earned as possible
Madherb
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@zeelorenc, Im in the same boat Jason. I sold at $6500. So you reckon once above 7.5 we gonna keep going up? If it turns before then to what level do you think it might go down to?
Sorry for all the questions.
zeelorenc
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@Madherb, i just dont believe a double top would happen if we went to 7.5k. It would be just another episode of FOMO + short squeezing. if we do turn from 7.5, we will most likely retest the resistance that had just became support ... being around 7k.
fundamentally speaking we have CME futures on the 2nd week of December but i dont know if it will impact the charts
Madherb
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@zeelorenc, Thanks a lot for the TA. Im learning more every day. Must say i enjuy the discussions on this site a lot more than the likes of crypto compare (pissing contest). I think youre right above 7.5 no turn back in a hurry. Some people think the big correction might be as low as 5700. Im not so sure about this? Was wondering what you think.
I have some btc . Was wondering where i should put in a buy order to put the rest in im currently holding in USDT.
Thanks again.
jasonwhite
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@Madherb, Well, we kinda did go back to 5k's, actually BTC was down to $5400 3 days ago, but it bounced from there. I don't know if we will go back to 5k anytime soon, lets hope it does ;)
Madherb
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@jasonwhite, jip, i kinda missed the boat there. I put most of my usdt in eth about a hr ago at least its climbing a bit now and not just sitting there. I still have a feeling BTC will visit 6500 again and then hit 10000. I have made some stpid moves but am still ahead which i guess is ok for a beginner.
Looking fw to investing without looming forks and this crazy war with bcc.