Cheaper Bitcoins Ahead? Weekly Trades (14)

No matter how much you wish the price of bitcoin to appreciate as a trader you have to respect the market. And Mr. Market is in selling mode right now. How much can bitcoin fall?

It looks like very important support zone of $380-400 could be reached within a few couple of hours. If this level capitulates, the bulls will be in a real trouble and much cheaper bitcoins lie ahead of us.

Sell: now or below 435    Stop-loss: 470     Take Profit: 405; 385; 340
Buy: 535                                  SL: 500            Take Profit: 580

Be Careful. Weekly Trades (13)

That’s all I can say about this market…

Buy: 573     Stop-loss: 555      Take Profit: 600; 608
Sell: 555      SL: 573                  TP: 535; 520; 505

Dangerous Times. Weekly Trades (12)

Ok, that up move thrust which occurred on the 3rd of March was not followed by any continuing price action. The price is still safely below $750. The price hasn’t broken up the major declining trend line. All this is telling me the bears are still in play and don’t want to capitulate any time soon.
But. These days are very dangerous for a short term trading because the market is going nowhere and a reward/risk ratio has decreased rapidly. So either you better damn good know what you’re doing or stay out of this ugly choppy market. Personally I opened a short position at $630 last week and expect fall at least to $560. In what time horizon? I really don’t know.

Sell: 627    Stop-loss: 657     Take Profit: 600; 580; 530
Buy: 657     SL: 627                TP: 675; 700

Cautious Buying. Weekly Trades (11)

As mentioned in the previous post trend starts to change slowly from bear to bull. We could have seen the first shot up fired last week. However the buyers are still not out of woods, price needs to break main down trendline first and then crucial $750 significant turning point. My personal bias is up but I would also open a short position.
Buy: 654    Stop-loss: 613      Take Profit: 670; 700; 740
Sell: 612     SL: 639                  TP: 585; 562

Tired Sellers. Weekly Trades (10)

My sentiment is slowly shifting from bear to bull market condition. Usually before this actualy happens there would be some choppy period. I think this week could be exactly one of those. Be careful, trade lightly.

Sell: 552     SL: 571     TP: 541; 535; 520
Buy: 572      SL: 552     TP: 590; 600