BITCOIN update: rally continues to the downside
If you have followed my previous analysis you should have made a good portion of profit, (see link) but honestly, I myself didn't completely follow it and kept closing my short position after being demotivated by some on the chats of tradingview.
One lesson I have learned, don't listen to anyone else's when it comes to trading, make your own analysis, believe in it and be patient and you will be truly rewarded.
Now enough with wisdom :) so looking at bitcoin atm, I can proudly say that my analysis played perfectly so far, and therefore, I am updating with the following chart. In short, I expect bitcoin to continue the rally to the downside and thats mainly because I believe that Bitcoin realises that many got used to buy the dip and expect a skyrocketing reversal after a retracement. However, as I mentioned before, a retracement is considered a valid correction when a major structural price level has not been invalidated. But when it does break that level and go beyond the 50% then its called a shift of trend, which was happened with bitcoin recently. After the impulsive breakout of the rising wedge, and being retested on multiple occasions, a sharp rally was expected.
So my expectation this time that bitcoin is creating a falling wedge as a preparation for reversal, but that will take sometime, Expect price to go all the way down to around 18000 - 20000 and then look for a reversal setups.
that is my opinion but u should make your own analysis before making decisions.
Best of luck to all of you.
One lesson I have learned, don't listen to anyone else's when it comes to trading, make your own analysis, believe in it and be patient and you will be truly rewarded.
Now enough with wisdom :) so looking at bitcoin atm, I can proudly say that my analysis played perfectly so far, and therefore, I am updating with the following chart. In short, I expect bitcoin to continue the rally to the downside and thats mainly because I believe that Bitcoin realises that many got used to buy the dip and expect a skyrocketing reversal after a retracement. However, as I mentioned before, a retracement is considered a valid correction when a major structural price level has not been invalidated. But when it does break that level and go beyond the 50% then its called a shift of trend, which was happened with bitcoin recently. After the impulsive breakout of the rising wedge, and being retested on multiple occasions, a sharp rally was expected.
So my expectation this time that bitcoin is creating a falling wedge as a preparation for reversal, but that will take sometime, Expect price to go all the way down to around 18000 - 20000 and then look for a reversal setups.
that is my opinion but u should make your own analysis before making decisions.
Best of luck to all of you.
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