Bitcoin / US Dollar (Structure)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Continuation of previous idea.
Comment: local support level
wow, we're right up against that next steep yellow dotted at a key decision point
fract ronfkingswanson
@ronfkingswanson, it's making an attempt to go for 9k
fract ronfkingswanson
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At what price can we expect a bullish reversal?
fract KukeshKodess
@KukeshKodess, in current market situation it will be called a pullback. Reversal will be later.

Reversal occurs long after decline, once it gets to the bottom it should form two cycles with same size and dimentions in relatively identical nature, by that we can be sure the bears are gone and soon they'll "convert" into bulls.

Before the actual reversal part, we need to look for a breakout above of triangular sideways formation, only then we will be sure that we are at the turning point.

+2 Reply
fract KukeshKodess
@KukeshKodess, BTW a local pullback can go up to 9k
fract KukeshKodess
@KukeshKodess, I mean it can go up, however at this stage the market is under big pressure of bears.
@investa, Thanks man . It is very helpful . Is the situation same for ETHUSD ?
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