This is just an idea for intra-day traders on btc, long term traders should stay away until the dust settles.
Once again, its not financial advice, just sharing my ideas and opinions, afterall I'm just a random guy on the internet.
I currently see best buy chances for short term profits at 4,400 USD (Non of this is financial advice, I’m just a random guy on the internet)
The chart above is a weekly candle chart, logarithmic. Inside you see the pitchfork levelled within the monthly channel that we are trading within. If you decide to play the 4,400 level, you want to set targets at around 20% max.
This is not a recommendation for accumulators or non experienced traders. If you buy know and believe this is a new low from here on it will be easier as It cant drop much more, NO, we clearly haven’t left the channel, there is no indication we have hit the low, if you buy now for long term holding, I fear you will give in when you see the price drop further to 3k or lower. And don’t think about putting in small % of your portfolio here and then, this would be the same as death by a thousand little cuts.
Expect more volatility, BTC is likely to make a short long run for 20% targets or so in the upcoming days, which once again will cause retail investors to jump in as they believe the bear run is over, and then just get hit by a big bear bus once again. Its gonna happen, calling it now.
There is even a chance we hit the all time logarithimic support level of 1,250 USD.