Please be advised that this is only an idea, so you are responsible for any losses yourself.
This is almost the same idea as my previous BTC idea, but I post this updated chart and explanation to keep a clear overview of it. (See related ideas for the previous updates)
After reaching all our targets from my previous BTC -2.24% analysis and bouncing the expected resistance (2) it's time to update targets. We reached and bounced our previous target 200ma as expected on the 6th of February. What we see now is a normal market reaction and a lot of people are thinking that we will see 20.000 again. Well.. I don't and I try to advise you to be careful with this. I expanded my short positions yesterday. I know there will be a lot of people that will disagree with this idea like they were with my two previous BTC -2.24% ideas, because BTC is in a short term uptrend. But we did reach all short targets as expected. But don't hesitate to post your ideas why you think we will go the other way. It's good discuss these different ideas in a normal way I hope and we'll both learn from it :).
What we saw was a recovery in a downtred 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 just recovered towards resistance (2) as expected and we can go down from here. BTC failed to form a new high and formed a another lower high (LH) and the was missing, so we are still in a strong downtrend. At the moment BTC is still trading on a low .
Support 1 is a strong , but I wouldn't be suprised if we will break it next weeks/ months. 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 (3591 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
Target 2: 7650 (support line 1)
Target 3: 6200
Target 4: 50ma weekly (Now 3900, then around 4400?)
In summary, we just formed another lower high, this was another confirmation of BTC's downtrend. I'll expand my short positions around resistance (2) and I'll take profit at the profit targets.
I'm sorry for the Bitcoin -2.24% lovers again and good luck!
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Receiving a lot of sell signals on various timeframes. Old support (A) is our new resistance now.
After the inverted cup I drawed is my previous update we saw I big sell-off The 0.5 fibbo level and old support is a strong new resistance now. I expect a continuation of selling after breaking support (1). Everything is going to look like bearish more and more. Let's hit our first target! :)
BTC broke another strong support zone today. Besides that we saw a death cross. Everything looks still bearish. We are heading to our second target. :)
After a quick recovery we broke out downwards again. Remember: We can't go towards $4400,- in a straight line. So be patient and take profit at the TK. There are always chances to reopen your positions at a higher level.