Btc:Are we done with the Bull Season or just a bump on the road?

2020年2月25日

What's happening to Bitcoin? Is 10.9k off the table? Are we really going for 8.9k?

1. Short-Term View

On the last 4h candle we lost a really important support (9 550), and now we are still in the re-test candle.

- We are currently in a Bull Flag on 1h but got rejected on the top.
- We are in a Falling wedge on 4h, and lost the 9 550 support.
- We we're in a Bear Flag on 1d, and broke down a couple days ago.

So currently i still see more retracement, but how much?

2. Next Support

Currently on the majority of my chart 8 930, 9 150 & 9 270 are the levels to watch out for.. Why?

8 930 & 9 150:

- It's a weekly re-test of the breakout we had last month;
- It's a good daily support;
- It's the first Resistance we broken on 3d since we broke the Bull Flag;
- It's the area of 1.236 support on 4h (fibs);

9 270:

- It's the bottom trend line on the 4h falling wedge;
- It's the bottom trend line on the 1h bull flag;
- It's a good Double Bottom on many exchanges;

3. What's my bias?

Like the short i posted yesterday, i think that 9 270 should be our local bottom for now, i will take a first long there.

We should see a little rejection afterwards, but looking on higher timeframe it's not impossible to see a wick down to 9 150, in fact the chances are pretty high.

That's why my orders for this next long will be 8 930 - 9 150 - 9 270, so like you can understand i will be laddering down"

If you decide to fallow my play, i suggest to use MAX 3 - 5% of your portfolio, MAX x5 - x10 Leverage and put a Stop loss around 8 830.

From there i expect us to see big upside again (10.5k+) , i will post my Targets once we have completed that drop!

Cheers!

If you have any questions, or want to fallow all my plays, feel free to click on the link below!