I told you about this and this , miraculously Ive been correct on both calls. Get ready to short guys.
I told you about this >>8423823 and this >>8426363, miraculously Ive been correct on both calls...
How low are we talking?
2 scenarios I see possible, this one targets around 7.8-7.5k
How much time do I have to fill buy orders so I can sell before this shit gets condemned to the 9th circle of hell?
Or this scenario where we start our 5th wave down.
Im not that good lol
I meant sell order, but all the same.
If you had to take an educated guess, how long until we start REALLY going down again. Tonight? Tomorrow?
drew (C) there way too high but whatever
Tmrw I would say. I'm not playing any positions atm.
4th wave can't violate the territory of the 1st wave
It's likely we're at the end of the correction, given that:
>wave C fell less than wave A and took twice as much time, showing the downtrend was losing momentum
>we only spent 1 minute below 7.3k before bouncing
>high volume upon reversal
>largest 4 hour green candle since 6k
I dont think wave 4 went past wave 1 in my drawings.
Yours is also a very valid way to draw. Cant hate on your reasoning. I favor trendlines a lot so I'd have to wait for it to really break the down channel.
OP i want to learn TA. What resources do you suggest i start with?
This highly goes against classical charting...
never trust a news driven breakout
haha I dont think I had one resource... just a lot of googling and learning from faggots on Veeky Forums. Got some assmts for school I gotta do so peace
I used "Technical Analysis Of The Financial Markets" by John J. Murphy.
Your wave 4s intrude a bit into your wave 1s, although it's only the wicks that overlap.
I do expect a retracement to as low as 7.8k due to people taking profit at the downtrend line and because traders are still skittish, so I exited my longs at 8.4k earlier.
BTC had just bounced off 7.2k earlier with very high volume along with other signs of a weakening downtrend; whales were simply looking for an excuse to pump without the pump looking like manipulation.
So you say it is safe to enter 25x short around ~ 8.2k?
If you wanted to short, you should have done so here (which was also when I exited my long).
How do you decide to close your short? I was up $2500 this morning but didn't expect it to bounce so massively and loaded my short even more at 7600 since I wasn't expecting it to break out so massively and basically ended up closing my short with only up $250. Should I just be moving my stop losses above what's acted like resistance and if it gets triggered oh well?
Any idea what your targets are for re-entry?
I'd look for signs of reversal and close my short upon seeing enough of them. For example, the bounce from 7.2k with high volume was a sign we were near a bottom, so I would have closed a short at that time.
>whales were simply looking for an excuse to pump without the pump looking like manipulation.
Thats the key right there.. we were in mid 7s then G20 news came out. Personally i think this isnt done yet though we could have a big rise before a drop..
Ah okay sweet, I reopened my short around $8350
So I'll make sure to watch around 7.8k-8k for signs, MACD crossover and RSI beign oversold are other good signs to watch for right? How much do you pay attention to individual candles?
I was thinking 7800. That puts us at a 61.8% retracement of wave A and a Wave C target of roughly 9k
I think we'll see a new low around 5k8 very soon after a run around 9k
But you are saying that we are going to 7.8-8k or even lower, right?
BTC could rise as high as 15.5k and then fall to 4k.
I only use RSI to look for bullish/bearish divs, I mainly make trades based on price action.
similar to my expectation as well
the 5th wave of the 1st large wave will probably end at 9.8k, painting an inverse H&S that would fuel the 3rd large wave
However, I don't see the 3rd large wave getting very far, since lots of people would dump at 11.2k/11.7k, which comes in conflict with the prediction of a top @15.5k.
Given the size of this green candle, I doubt we'd fall to 5k that easily. Anything is possible, though, so I'm prepared to exit my longs and short when I see signs of weakness.
I don't short unless I'm at the top of a pattern. If I'm wrong about a fall, I will still be able to rescue a trade if I shorted at the top, while shorting closer to the bottom makes that more difficult.