A quick analysis because a lack time this time. After the break of the strong $6000 support level, BTC declined rapidly. After that we saw a 37% recovery last fortnight.
Analysis:
I seemed for a while that BTC was bottoming out around the $6000 level, but it didn't happen. Because of that we have to be objective again, and despite the big potential in general BTC is still in a strong downtrend.
What we see is a similar top forming pattern in candle sticks after every recovery and what we also see is a pattern where are getting smaller and smaller since the $20.000 top. The recent 37% recovery of BTC gives us an excellent short oppurtunity towards $3100. This is where my final target is.
The $3000 level is a strong support level again (blue arrows). I'll take my profits a little bit higher and I might go long there because I expect a lot of buyers there. I'm curious what's going to happen from that level.
I'm sorry for the bitcoin lovers, I just follow the lines.
Happy trading
Analysis:
I seemed for a while that BTC was bottoming out around the $6000 level, but it didn't happen. Because of that we have to be objective again, and despite the big potential in general BTC is still in a strong downtrend.
What we see is a similar top forming pattern in candle sticks after every recovery and what we also see is a pattern where are getting smaller and smaller since the $20.000 top. The recent 37% recovery of BTC gives us an excellent short oppurtunity towards $3100. This is where my final target is.
The $3000 level is a strong support level again (blue arrows). I'll take my profits a little bit higher and I might go long there because I expect a lot of buyers there. I'm curious what's going to happen from that level.
I'm sorry for the bitcoin lovers, I just follow the lines.
Happy trading