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someone514
Jun 23, 2018 8:07 PM

BTCUSD - Time to think long although bulls lack conviction Long

Bitcoin / DollarBitfinex

Description

The daily candle yesterday closed with a body touching 6K support, with a wick that slightly overshoots.
The drop last week bounced off of RSI low dating back to Feb low. The quick drop to 5.9K gives a bullish divergence signal on the daily TF.

Although this area is not of fibonacci clusters, the 6K support is still holding. (Note the low volume is worth worrying)

On the lower TF, however, the price has repeatedly failed to break just $6150-$6160.
Perhaps we can expect another few days of side-way action with wicks puncturing 6K support.

All in all, this is an area to think long instead of short. The next fib target at low 5K for short will only be reached if we have a daily candle close below 6K.
Before we have a daily close below 6K, there is not that much incentive to short at this level.

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Depending on how this ascending triangle breaks, it has huge implications for price movement in the coming days-week

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vuala~
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