Bitcoin Short Term Trade chart
Summary
Bitcoin is testing the 8280 area on the chart for the third time since the recent swing upward. This coincides with the Fibonacci level of 0.382 seen on my chart. This Fibonacci sequence is taken from the last Hi-Lo trading range. Depending on the outcome at this point Bitcoin can swing either up or down.
This is of no concern to long-term investors, or even swing traders.
The chart
as mentioned above we are currently testing the 8280 area on the Bitcoin chart. If this test fails my projection is that Bitcoin will fall to the area of 7912 which also coincides with a trendline that I've had on the chart for some time, as well as the next lower Fibonacci level at 0.236. This level also coincides with the descending upper trendline of the channel we just broke out from. All of these taken together make for a very powerful indicator that we should expect abounds at this point if there is a decline.
If this line fails to hold at 7912, and my projection is that the price of Bitcoin will fall in the short term to the turquoise line which was the lower line of the greater Triangle shown in previous charts. Should that fail to hold than I next expected level would be at 7356 which is a Fibonacci line.
My personal trade
I took half of the profit and half of the working capital from my previous spread trade which I had been working for the last couple of weeks. Half of that is in a new spread trade set up to begin with four trades, all buys, down to a range of 7569. The other half was in Bitcoin purchased at 7700 and was sold at 8250. That cash is waiting the next trade set up which I personally think there's going to be in the area of 7912 as I said above.
Bitcoin – it's decision time for the short-term
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I am not a registered investment advisor. Do not interpret my writings as investment advice or as buy and sell signals. The sole extent of my relationship with you is to share with you my thoughts, opinions, and activities. I make no other warranty and take no responsibility for how you invest your funds. Do your own research and due diligence on all investments. You make the final decision whether to invest or not and you take the sole responsibility for the outcome.
Best of Luck
Isaac
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