Lain33

Bitcoin possible evening star?

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello guys,

Not a pro trader but using general trend line this is what I'm seeing. I closed my position last night at $11600 expecting a pullback as we bounce off the downward trend line . It seems a bit premature to me to warrant a rise much beyond this, for now.
Generally overbought conditions in downward market. Looking for a pullback from here - to perhaps test our strength at 10k or lower. Long term I am still bullish btc .

If you have any tips for me I would love to hear!

Good luck everyone! :)
Comment: The last candle needs to close lower for valid evening star. If bitcoin crosses the $11245 range then this evening star no longer valid. Thoughts anyone? :)
Comment: "Generally speaking, a bearish candle on Day 2 is a stronger sign of an impending reversal. But it is Day 3 that is the most significant candlestick."

http://www.onlinetradingconcepts.com/Tec...

It seems bears are taking control.

PS, in my chart I have positioned a bounce roughly $8252 but then descending channel bottom is much lower. I hate to cause panic but might be cautious here unless a strong reversal is seen soon. Watch out below and good luck!
Comment: Going according to plan. Maybe we retest the 10k mark again, but I think it will fail. Happy trading.

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