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BTC/USD crypto trading - Bullish momentum is rising - 04 Apr 2018

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BTC/USD crypto trading 04 Apr 2018
5/5 of 3 ratings

My long term view remains bearish

As my previous analyses say, I have been shorting Bitcoin in recent weeks and my long-term view remains bearish. However, BTC is in a new phase and I believe a bullish momentum is rising, targeting the 8000 level. If we reach that level, a new drop in Bitcoin prices is likely to happen.

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Bearish flag pattern

My idea is mostly based on price action. A bearish flag pattern has appeared on the 4-hour charts, but in my opinion, this pattern will not complete and price is likely to move north. Currently, BTCUSD is trading around 7000, which I believe is ideal for an entry with stops at 6800. A drop below 6800 doesn’t necessarily mean that we are going to witness a new low at 6000.

In my view, the crypto sharks (hedge funds) are planning a new rally, and they would be more than happy to see some enthusiastic bulls before they short it again. Moving toward 8000 would be ideal because then everyone would turn bullish again.

The crypto market seems emotional and easy to manipulate, but you have to consider what the big sharks would do next to have a better chance of profiting with short-term positions.

Comments

Pinkman's picture

My bullish idea turned out wrong, the bearish pattern was actually completed and the price is now moving south. Long term bearish view remains valid.

Pinkman

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.

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