Key exit prices for you if you shorted btc.
The way I predict extreme exit and entry prices is by first having a fixed base (horizontal support) from higher time frames, monthly, weekly daily.
But as these levels are fixed and the market moves in a dynamic way you must therefore expect price to come within a range above or below that level. So how do you do that?
That's where you use dynamic indicators like Bollinger bands (my favourite) for finding those dynamic extremes.
Now an extreme exit / entry ALWAYS touches a higher time frame Bollinger. Which level depends on how steep the Bollinger band is against price / how far away it is from price & how much time remains for the individual timeframe to change. The steeper the bollinger, the more likely it will be hit.
In the chart above, you can't see this as I've simply highlighted the levels for you on 1 weekly timeframe chart. But this is explained step by step in my course.
ATM the steepest Bollinger support is $800, however that's when looking at a YEARLY chart. As it's November the year is almost over and btc is worth $5000 (this drop is too extreme for 1 month)
Therefore my lowest target for this year is $3700, as this is the steepest Bollinger support that is within range.
Remember that dynamic indicator levels change - "dynamic" - when a new timeframe begins.
Therefore you must adjust your levels accordingly - psychological levels seen by the masses are also key to be aware of - - price action = the actual formation of candles. Each has their own meaning that can predict the following candle - so you can use this as confirmation that price is respecting your fixed and dynamic levels.
This might sound really complex but it's not. You need to understand the basics before you know what I'm talking about. But both the basics/ this are simple. It becomes instinct
With the ‘Crash’ of Crypto in the last couple of days and Hash wars. What do you think will happen? Will Crypto recover? Will block size of BCH change to increase network capacity and scalability?
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Fundstrat’s Tom Lee, often referred to as the ‘crypto bull’, has revised his end of year Bitcoin price prediction from $25,000 down to $15,000, which is still pretty optimistic looking at the state of things today.
Bitcoin at $15k By Year End
Speaking to CNBC the co-founder of Fundstrat Global Advisors said that the key issue was Bitcoin’s ‘break-even point’, a level where mining costs match the trading price. For Bitmain’s flagship S9 Antminer the level is down to $7,000 from an earlier estimate of $8,000 according to analysts.
Lee’s prediction is that Bitcoin should be at around 2.2 times the new break-even price of $7,000 which puts it at just over $15,000. This week has been one of the worse for Bitcoin and cryptocurrencies in 2018. BTC fell to a new yearly low of just below $5,400 on Thursday and has failed to rebound much from there. At the time of writing it is trading at $5,540, almost three times lower than Lee’s year end level.
Bitcoin bull Lee is still predicting a recovery citing previous long bear markets in 2014 when BTC never sustained a move below break-even. “While bitcoin broke below that psychologically important $6,000, this has led to a renewed wave of pessimism. But we believe the negative swing in sentiment is much worse than the fundamental implications,” he added.