Bitcoin – true breakdown?

06.05.2022 1:38 pm

Hello, everyone!

I am ready for hate, as usual when the forecast did not plays out, but it’s part of the trading. I had the nice long entry point, sitting at the small profit, but the market suddenly changed it’s opinion. I closed position at zero profit, which i wrote in my telegram channel. Thus I lost only commission fee at my last trades. You know my strategy – I find the nice entry point and close position in zero profit if the market change it’s move. Thus I am waiting for one huge trade which will bring to me 30% to deposit.

Those people who subscribed to my blog here in TradingView for a long time know that overall I am bearish and waiting for $26k. You can find the distribution scheme which I drew two weeks ago. My yesterday’s long was opened because I waited for 44k before the drop, but it was earlier than I supposed.

Ok, what is next. The current situation is critical for bulls. The trendline was broken on the high volume after the fake pump, it is almost 100% guaranteed that the fall will continue. The price now is testing Fibonacci zone 27 and if it will be broken the next target is $33k. From there I anticipate the bounce to test the trendline before the continue falling to $26k where in my opinion the bear market will be finished.

Good luck!

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