Bitcoin is coming in the area where it offers great risk to reward to longs and buying makes sense.

The current move down is just a second corrective wave and once it's over and the low is established, we can start looking for long positions.

I am waiting to see where that low will be formed.

The first potential area is this green box at the bottom of the falling wedge.

The bounce from the exact point I mentioned.

Waiting for daily close to see if it’s valid or not.

I’ll update my opinion after the daily close.

Those who voted that would like to learn will get the opportunity to learn it.

Stay tuned 😉

The price is still in the pattern and the area I expected to hold is doing its job.

The volume on this drop is declining so we have less sellers, which is a good sign.

The confirmation that the bottom is reached is H4 close above the red area.

It couldn’t be more precise. 💯

Now we are sitting on the H4 resistance and I really have no idea if we are going to close above or not.

Let the market show us direction.

If it does, then most likely, the bottom is in and we can see some higher prices being reached.

If it doesn’t, the pattern is still valid but what I don’t want to see is H4 close below the previous low of today ($8200).

I’ll keep you updated.

If you took the trade, enjoy the profit. 💰

Resistance did its job and we’re back in the buy zone.

If you’re curious did I expect this or not, here are my exits from the long position.

Almost at the top of that move up.

I didn’t expect break out at the first touch and most probable outcome was move back to $8300 area.

It’s $200 from the target at the first resistance.

You can take part of your profit and wait for further targets to be reached.

Likelihood of seeing price coming back to 8300 area is present and that’s why taking some profit is good idea.

Shared with VIP members as well.

Where next?

I will wait for some triggers to happen.

The first and main one is to see the previous low to be taken off.

If we take out the previous low and bounce back to $8300, I’m back in the long position.

Knowing my skills, most likely, I’ll get better entry than $8300 and spot signs of reversing on lower time frames but this is the plan.

I want to see that scenario because in that case, we will get rid of unpatient buyers that are holding their stops below that low.

When we get rid of that selling pressure (stop loss orders from buyers are sell orders and that’s why buyers are also sometimes selling pressure), I’ll be looking for fresh long entries.

I just want to see how many buyers are in the market and if they’re patient with wide stops or not.

There’s the possibility of seeing some wick even below $8000 if the number of tight stop loss orders is high.

That’s why I don’t want to be in a position right now and place stop loss orders in a liquidity area and join the majority of the market.

Maybe I'll try catching some nasty longs from $8200 or just below it but as I said, that's not the plan, it's only in case I get that early confirmation that will allow me to do that.

If we don't see that unfolding, then I'll patiently sit in the market waiting for the next setup to happen, I won't run into buying Bitcoin at resistance ($8400-8450) because I won't be able to break even it for ages.

I would rather wait for a break of the resistance and then long because it would be a position that would allow me to move SL to breakeven very fast.

An ideal scenario would be an accumulation in this green area.

The longer it would be, the bigger the impulsive wave would be and if that’s going to be the wave to the upside, it could easily go through the resistance ($9600).

If we tap to the resistance in this move, it wouldn’t be so good as the majority is going to perceive that.

On lower time frames, it’s becoming parabolic and in most cases, when it hits higher time resistance, it gets rejected.

I don’t want it to hit resistance after $1500 move because it’s going to be full of sellers booking profit and those that will try to short the resistance.

If we consolidate in this area, I will not perceive $9600 as a big resistance because if the move is going to be to the upside, it’s most likely going to break through.

But if we go instantly there, it’s going to be way harder to be broken.

The overall bias is still very bullish and I’m waiting for monthly close to confirm it.

Ethereum is currently at resistance and if it creates this kind of bullish structure, it’s most likely going to break it.

But for it to works, it has to spend a little bit more time in this area and then the move up can be very explosive.

What’s your opinion on Bitcoin?
anonymous poll

I’m bullish – 277
👍👍👍👍👍👍👍 62%

I’m bearish – 108
👍👍👍 24%

I’m neutral – 61
👍👍 14%

👥 446 people voted so far.

We got a bullish monthly close that will trigger the first major monthly target, $11500.

Any retracement in the blue area is for buying.

Move below that are ($8200) will endanger this bullish closure.

The situation remains bullish as long as we’re holding above that area.

The weekly timeframe looks great also.

It got rejected from the resistance, which was expected on the first test but if it remains around this level, the closure would be very bullish which would lead to the second test of the resistance and potentially break out.

Be careful guys because this is proof that there is no unhackable hardware device.

Things you should do in order to increase security:

- Never disclose the amount of money you hold. The more you have, the more potential hackers you’ll attract because the reward for them will be bigger and worth the attempt.

- Not only that, you have to keep your recovery seeds safe but also a physical device. This is proof that if someone has your device, it’s way easier to crack into it.

- Choose other hardware wallets. Ledger Nano team responded to this that they had integrated security measures that will keep you safe in this scenario. But even if you choose other hardware wallets, please imply the steps above to increase the security.