Looks like Bitcoin has decided to consolidate. Here are the two levels I am hoping we drop down to. The bottom two ($3410 and $3263) represent an excellent buying opportunity if we can get there.
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WARNING: This could be a head fake. Bitcoin is now back into ascending triangle #3. Watch the close of this candle and the open of the next on the daily. If we close back into or above ascending triangle #3, we still go to $4800. If we close below ascending triangle #3, we continue consolidation.
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We did in fact close below ascending triangle #3. HOWEVER, we are still above our top most GREEN trendline. This is indicating some indecision from the market. To continue our consolidation and confirm the move down, we must close the current candle BELOW our GREEN trendline and open the next candle on the DAILY BELOW this same trendline. Signs are good for consolidation but we are not all the way there yet. This could still be a massive head fake and we go to $4800. Shorts be careful! Wait for confirmation.
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Looks like we will continue a steady ascent to $4800 underneath our third ascending triangle:
Guys, te candle (4h) close at 4300 (1:00p.m) what you think now? Go to 4800? its great time to invest?
MarRob
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Hi , any updates ?
stewdamus
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@MarRob, Bitcoin looks like it wants to go to $4800. I'll post an update here when this candle closes and the next one opens. For now, I'd say $4800 is looking good and our dump today was a massive head fake.
MarRob
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@phil.steuerwald, ok , thanks . Hope it goes down a little more , I put my money on that direction but now i'm trying to understand if I should just close the positions and reduce the loss
MarRob
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@MarRob, It looks like it's pulling back . do we I still have a chance it goes under 4000 ?
stewdamus
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@MarRob, Yes. But look at this next candle. It's damn confused. Bitcoin doesn't know what to do. It's out of the ascending triangle but it's got to go below the GREEN trendline for confirmation we're consolidating.
MarRob
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@phil.steuerwald, crap , I really hope it goes down . I have too much money on that position to close it with a loss
stewdamus
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@MarRob, I know dude. I feel you. Pushing lower now. We'll see what the morning shows us.
MarRob
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@phil.steuerwald, obviously iota did exactly what bitcoin did and went up . I closed that positions with a -25% loss .. now I opened a position on iota going up , following bitcoin obviously . Hope I can close it at the top and make some money when it will pull back along with bitcoin . I really don't understand how is it possible that they make the exact same movements
stewdamus
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@MarRob, Good luck my friend. The pack always follows the lead dog eventually. The lead dog is Bitcoin of course. Some are more responsive in following their leader. Some are a bit more stubborn.