pirszh

BTCUSD. Falling wedge is forming by the Libra's hearings date

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Key notes:
  • If Bitcoin broke down the uptrend line and a median of a downtrend channel , it will probably go down under 7k fast.
  • For now, we have a falling wedge and decreasing volumes inside it, which can indicate that sellers are exhausing.
  • I'm holding longs from ~8280 with tight stop, until wedge isn't broke. In a good case if BTC doesn't fall down, wedge will be resolved with target between 9k - 9.4k.
Comment:
Comment: Selling volumes are still decreasing, I'm waiting for a confirmation of breakdown of the trend lines to close the trade with loss.
Trade closed: stop reached: BTC looks weak and goes to 6.5k, it seems
Comment: The level still can hold, but the risk of breakdown and free fall is too high
Trade active: Level seems to be hold. Looking for the next movements. This week is decisive.
Comment: Also there is MA240 daily, which supports the price here
Comment: For now, it looks like it was a fake breakdown. Target is the same: 9k
Trade closed manually: BTC couldn't recover from here. It's better to close the longs, because another drop can occur on a thin market during the weekend

Comments

Interesting observation
+1 Reply
pirszh VincePrince
@VincePrince, I hope, we'll not drop so deep, but squeeze always can occur
Reply
@pirszh, what should I do now, sell?
Reply
pirszh samueljuwinsco
@samueljuwinsco, I don't know, you decide. My stop loss is nearby 8k
Reply
pirszh pirszh
@pirszh, my ideas are not a trading advice
+1 Reply
pirszh samueljuwinsco
@samueljuwinsco, my ideas are not a trading advice
Reply
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