BTC broke all major support lines, and the worse is yet to come.

[mikeywith]

And the worst part can be under the 3K USD of Bitcoin! Bitcoin has broken all the support lines since August 2018 I think, and it continues! Actually, I want to see BTC under 3K USD very soon, because without crossing that line I don't think Bitcoin price can go up! Sometimes I can't believe that Bitcoin price is 3500 USD where I thought it can't go under 5K USD! But I have a strong belief that after breaking all the lines, Bitcoin price will create a new line in a positive way.

what goes up must come down, and the opposite is also true, based on bitcoin history, and most technical aspects, we have either bottomed, or are a few steps away from bottom. back in Nov last year i said that "2900-3100" is what most likely bottom , you can refer to the op, and i still side that, not to satisfy my ego, but this is what the charts are suggesting to be the higher probability.

there is another probability that suggests 1900$ and another one that suggest 1000$  > https://bitcointalk.org/index.php?topic=5080235.msg48455090#msg48455090

while non of this has to be true, it really is important to be prepared for all these scenarios and to have a plan for each and every scenario, one must have a plan even for an out of no where spike to 10k next month.

if you are not planning your investments , you are as good as a gambler, regardless of where the market goes, you will always lose.

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[mikeywith]

wait for a break-out , go long. set TP and SL .

break out took a bit longer, but played out real nice, inistial target 3900$ is reached



we have also broke out of the triangle, that's a good sign for the bulls however ,am starting to lock some profit already, close 50% , moved the SL for the rest to breakeven point, TP is 4020$ and 4120$
, the resistance ahead is quite strong, i need to see a daily close above 4060$ to be extra bullish on the current trend.


again guys this is not a show-off or i told you so, i want to show you the breakouts are the most profitable trades one can make specially in a sideways market like this one.

my overall take on the market is still very bearish, we are still making lower highs , despite the fact we making higher lows as well, the overall trend is still very bearish, however a higher high above 4060$ will give more strength to this current uptrend, but don't FOMO.

[hipSter]

Bulls are really exhausted and I'd recommend you to buy some short contracts. There too many many long positions are opened, so bears have a big liquidity that bulls don't.

[mikeywith]

it's been a while since i posted my trading set up, here is the current plan and view.

ok, seems like this is it for this small rally, fun while it lasted, fasten your seat belt.



Very strong Resistance ahead, not enough momentum to push to the upside,

RSI is approaching 42 on the weekly which was the most critical support level that now will act as resistance.


what is my plan ?

hold on to dear btc just in case it breaks out of this strong resistance , dump it once this trend on the 4HR is broken to the down side, rebuy at 3.4k for 10-13% discount.

[STT]

not enough momentum to push to the upside

This is really hard to judge but theres a number of signs to the upside.  With us above 50 day average and also putting in a series of rising lower highs, it seems to be a very good challenge to the 4000 to 4500 doorway area.     That area itself can be resistance by itself enough to send us back down but also its entry to the bigger challenge of approaching 6000.    I'm not sure how to dismiss either possibility as occurring right now but just has to be said it looks to be positive momentum to me.   

Yes the bigger picture is a declining 200 day average and that obvious negative long term but its not really challenged that for a while.   Fall far enough and theres space for a rise like this to occur.   How much its linked to news or anticipation of events I'm not sure but price alone looks ok and plenty doubters is ironically good

[Tigerw]

Bulls are really exhausted and I'd recommend you to buy some short contracts. There too many many long positions are opened, so bears have a big liquidity that bulls don't.

In general, I would prefer that the cryptocurrency really be decentralized Independently of each other. It’s too bad that all this time replacing Bitcoin has affected the development of many projects. Today we are reaping the bad fruits of this trend. If in the future Bitcoin will not change anything, then really it is worth expecting only a bad development of events.

[mikeywith]

it's been a while since i posted my trading set up, here is the current plan and view.

ok, seems like this is it for this small rally, fun while it lasted, fasten your seat belt.



Very strong Resistance ahead, not enough momentum to push to the upside,

RSI is approaching 42 on the weekly which was the most critical support level that now will act as resistance.


what is my plan ?

hold on to dear btc just in case it breaks out of this strong resistance , dump it once this trend on the 4HR is broken to the down side, rebuy at 3.4k for 10-13% discount.

here is an update for the last set up





we did close below the trend line mentioned, and now heading low with almost no support all the way down to the trend line in green , which i have not drawn in the last post.

the support of this up trend line is somewhere around 3650$ , it's a strong support on the daily, and i will be monitoring the 4h chart when we approach that level,  the 3450-70$ however is a stronger support and that's where i would set my buy order without really having to monitor price actions, because that's where the 200 MA sits as well, so chances are we get a wick down to that level.

so i will be closing my short positions as we approach 3700$ and slowly opening longs as we approach 3650.

i will also be paying a close attention to the 200 weekly SMA, it's now the strongest defense line for the bulls, should it be broken i will be entering heavy short positions as i do expect the fall will be a big one if that would happen.