Bitcoin: ideas for next days, first support at 5830
For a short position I wait for a possible 7600 to target 5830 and it is pretty safe. Short at 7200 is possible but not enough safe for me. The Bitcoin figure now looks clearly bearish for me and I cannot imagine a new uptrend right now.
Looks like the bearish figure is not finished and needs to touch a very strong support. 5830 is a good intermediary weekly support. If this senario is validated, for me it is a very good trade to buy at this level to target around 6400 / 6500. A short position can follow then to target around 4650 (weekly support). Yes it looks very low but Bitcoin should not rebound without touching a very strong support, and 4650 is a very good one. A drop of 77% (19800 - 4650) for a bubble makes sense.
After that, we shouId see a very good new uptrend. Good trades!
Looks like the bearish figure is not finished and needs to touch a very strong support. 5830 is a good intermediary weekly support. If this senario is validated, for me it is a very good trade to buy at this level to target around 6400 / 6500. A short position can follow then to target around 4650 (weekly support). Yes it looks very low but Bitcoin should not rebound without touching a very strong support, and 4650 is a very good one. A drop of 77% (19800 - 4650) for a bubble makes sense.
After that, we shouId see a very good new uptrend. Good trades!
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