Bitcoin
I wrote this post three days ago:
My level of interest marked on the chart yesterday, is still valid, although weakened some by the strong bounce, which I stated might happen.
Every bounce has a target, and the target for the current bounce is around 11,400.00. If this is hit, it will then invalidate my level of interest. For now we have to be patient and wait to see what unfolds.
Bitcoin target
Today's Chart
As you can see from today's chart below, the first bounce didn't reach the blue target and so this meant my level of interest was still valid to buy for a bounce. And we duly got our bounce.
However, price spiked further into my level of interest than I had anticipated, so the bounce may be short lived. We shall see.
Tops and Bottoms
It is important to note that I do not look for tops or bottoms, only bounces. As a smarter man than me said, There is more money lost looking for tops and bottoms, than there is made in the eventual reversal.
Coming Soon
I'll sleep on this for now and post a fresh chart in the morning. The post after that will probably be a bit of a rant as I see some daft opinions being expressed about the market over the last few days. I was about to start my rant right here, but it is better to sleep on it and be more constructive in the morning.
- Previous related post: What now for bitcoin
Disclaimer
I am not a financial advisor, and I am not responsible for any losses you may incur as a result of acting on any of the content contained in this article. I make no recommendations to buy or sell, and this post is purely for information and education purposes. Opinions expressed in this post are my own, and you should seek advice from a professional financial adviser.
If we close the 1 day candle above $8000 it's back to the moon correct?
Thanks for stopping by @rt395, I can only see level to level and then read what price does at the level. Who knows where bitcoin will go. It might not be around in ten years, something less cumbersome may even take it's place :(. I would need to see 9500 broken and then I would be looking to my blue zone above. But there is nothing yet to say that this is anything more than a bounce.
Those charts make it look pretty dire. It seems to be "bouncing" back up a little bit. I hope that it rises back up to somewhere near where it was soon.
I'm actually hoping that it comes lower after this bounce is finished, as I think that would be a lot healthier for the market. I still haven't seen the blood :).
Thank you, important info
@kobusu glad to hear it helped. Thank you.