Bitcoin
Short

Overview: Perspective for bearish scenario!!!

171
Hello guys, in this overview, I want to include a strategy to sell Bitcoin when Bitcoin reach up the $19k level. In that psycological zone, we would need to take decision.

So, I did analyze the 3 Daily chart and we touch this red zone in the RSI, that indicate sell inminent. Lets me to explain you that:

snapshot

creating this function, I see that in the pass when in hte end of the bull rally on 2017 that was a important point in the RSI and price action near of $20,000 USD. As a second time Bitcoin touch the highly point in the RSI indicate sell that I remember in June 2019 that Bitcoin was around of $13,800 USD near of $14,000 USD, we have a correction ending the year 2019 with a cotization of $7,200 USD in December 2019. I remember that thing when Bitcoin make this correction in the past year.

And right now, we are in the same time to sell Bitcoin touching as third time, a inminent sell that we would need to see in Bitcoin.

snapshot

Now in he weekly timeframe, we see the same situatin just using this timeframe and using the RSI to modify the points key, so, I see that we turn to bearish in the next days, just we would need to have a good decision to shorting Bitcoin, and also including the market hunters and manipulations that whales and institutionals make for traders amateurs to will be liquidated. That thing we would need in our hand if in case that Bitcoin it's above of $20,000 USD and break up this mark, we would see in any case possibile hunters here to bear scenario. But looking in my perspective. we have 2 correction if you apply the Fibonacci using the 0.382% and 0.618%. The value are $16,150 USD and $13,800 USD approimately looking these level to bought Bitcoin for discount.

now, remember that I'm in the trade in long time and I say you that maybe Bitcoin it's go back to the $19,500 USD and it's happen right now, the price in this moment it's around of $18,800 USD and we're in profit in Bitcoin and Ethereum. So, I hope that Bitcoin it's touch my target profit at $19,500 USD and later that Bitcoin make it. I will going to hope the Daily's candlestick to know where Bitcoin it's going on. And also, the Daily chart it's important for this case. So, I will still alert on the $19k levels if Bitcoin make any manipulation or good entry to shorting in these levels.

So guys, if you like this idea and plan, please get me a like,share this analysis with your friends, traders or people enghusiastic in the trading of cryptocurrency

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.