BITCOIN : MOMENT OF TRUTH !
Updated
Hello everybody. Let me keep it simple, fast, concise and tell you why the next 3 days are going to be crucial for BTC's medium term future :
We have been making a strong bounce from BTC's lifeline support just under 6000. Since then, we have had a pretty decent reversal until now. Alts have been raving !
Although, we've been capped at around 7130 so far, making a little bearish divergence on the 1hr to 4hr in the process (Very tiny orange lines on chart and RSI). We should now correct at least, reverse at most. But the fact that we have both Weekly and Monthly closure in the 3 coming days make it crucial for BTC's future. Here's why:
IF we retrace towards the green box and the green dotted line (we most probably will), which is a mix of different Fibonacci retracements + Weekly Heikin Ashi Opening, we STOP there, and go back up, we will be making a strong hidden bullish divergence on all timeframes from 1hr to daily. This is a very bullish signal. What's more ? We will be closing a weekly Heikin Ashi in green. It is also an extremely bullish signal.
I would take serious long positions if we close weekly above 6640 and start to go back up.
Now, if we do not stop at 6640, there is huge chances that the rally is over and that we will be retesting 6000, most probably heading to 5500.
I will open a big short position if we break 6600.
Trade safe guys, watch closely the next few days action.
Don't forget to do your own research, have an open mind, and don't blindly listen strangers on the internet !
We have been making a strong bounce from BTC's lifeline support just under 6000. Since then, we have had a pretty decent reversal until now. Alts have been raving !
Although, we've been capped at around 7130 so far, making a little bearish divergence on the 1hr to 4hr in the process (Very tiny orange lines on chart and RSI). We should now correct at least, reverse at most. But the fact that we have both Weekly and Monthly closure in the 3 coming days make it crucial for BTC's future. Here's why:
IF we retrace towards the green box and the green dotted line (we most probably will), which is a mix of different Fibonacci retracements + Weekly Heikin Ashi Opening, we STOP there, and go back up, we will be making a strong hidden bullish divergence on all timeframes from 1hr to daily. This is a very bullish signal. What's more ? We will be closing a weekly Heikin Ashi in green. It is also an extremely bullish signal.
I would take serious long positions if we close weekly above 6640 and start to go back up.
Now, if we do not stop at 6640, there is huge chances that the rally is over and that we will be retesting 6000, most probably heading to 5500.
I will open a big short position if we break 6600.
Trade safe guys, watch closely the next few days action.
Don't forget to do your own research, have an open mind, and don't blindly listen strangers on the internet !
Note
We perfectly bounced on top of the green box. It's a strong push up, that is now triggering a huge hidden bearish divergence. The chart says that we will see a continuation from here. Although, reaching a higher high in the coming hours / day is going to trigger a bigger, more regular bearish divergence.
It would be a possibility to go long now, anticipating a higher high, but the risk-reward ratio isn't too comfortable with me so I will wait it out.
I will go short :
- if we do see a higher high and that the bearish divergence is confirmed. Will make an entry even nicer than 6600 originally planned.
I will go long : if we slam past previous top, close weekly Ashi green, and if RSI is not showing bearish divergence.
Trade safe. CR
Note
Sorry, I meant huge hidden bullish* divergence.Trade active
Opened Short position @ 7200Note
In the last 5 hours, 10.000 btc worth of shorts were set in at 7300, by a hidden buy wall on bitfinex. This is not a coincidence. I believe we are going to see a lot of downside in the coming days. I added to my position, my average entry is now 7240. Trade safe.
Trade active
Bearish divergence has shown it's effectiveness with a beautiful red candle. I have trailed my stop loss to secure 10% profit no matter what happens next. I believe we are about to see a trend reversal much bigger than this mere 400 points drop, but we could also be making a huge hidden bullish divergence if we reverse from now. I can't be sure of what's next for now. We need to stay focused and wait for the market to smooth the panic out. We will have more clues in 8 to 16 hours. My short is still running with 37% profit, I don't intend to close it but I have a safe stop just in case.
Trade safe.
CR
Trade active
Just trailed my stop to 100% profit. Congratulations to all of those who took the trade.
I'm out for some champagne. Trade safe.
CR
Trade closed manually
Trade closed. One must be happy with profits. Boasting a crazy 143% ROE on 10x leverage.
Congratulations to everyone who took it with me.
Let's stay focused. But first let's celebrate.
Next analysis when the setup will appear ! Trade Safe. One Love. CR
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