Bitcoin ends another weekly candle in the red. This is the third weekly red with lower highs and lower lows. $8,500 has been a pretty good support resistance line in the past. It is not going well now. It has been flirting with $8,500 as support, but without any bravado. It has already slightly dipped below to return back up. We’ll see if if holds as support or ends up as upward resistance.
Daily candles still trending down. Daily MACD still bearish.
The bottom support of the triangle sits at about $7,750, and the upper resistance has dropped down to the $9,350 range. Overall volume is week and trending weaker. If we test the bottom quickly, I may try to get in a buy and look for a sell at the top. Best case, it looks like I could see a $1,000 up move. If it takes a while to touch the bottom, I won’t risk anything. I’m thinking it is more probable to break up and out of this triangle, but am seriously looking at the potential of breaking down and out. I still would love a $1,000 bitcoin for Christmas. Not probable, but always possible.
As always, I will be looking for a break out of the pattern. I’ll be looking for a candle to break up or down, not just a quick wick. If it breaks down, I stay out. If it breaks up and out, I’ll probably be buying.
Thanks for listening.
satoshmike
I am not a professional trader, investor or advisor. This is not, in any way, financial advise. Always do your own research.
Twitter - @satoshmike
Daily candles still trending down. Daily MACD still bearish.
The bottom support of the triangle sits at about $7,750, and the upper resistance has dropped down to the $9,350 range. Overall volume is week and trending weaker. If we test the bottom quickly, I may try to get in a buy and look for a sell at the top. Best case, it looks like I could see a $1,000 up move. If it takes a while to touch the bottom, I won’t risk anything. I’m thinking it is more probable to break up and out of this triangle, but am seriously looking at the potential of breaking down and out. I still would love a $1,000 bitcoin for Christmas. Not probable, but always possible.
As always, I will be looking for a break out of the pattern. I’ll be looking for a candle to break up or down, not just a quick wick. If it breaks down, I stay out. If it breaks up and out, I’ll probably be buying.
Thanks for listening.
satoshmike
I am not a professional trader, investor or advisor. This is not, in any way, financial advise. Always do your own research.
Twitter - @satoshmike