chow_jiehui

BTCUSD's trend remains down until clearer technical break

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
While BTC or other crypto-currencies MAY be the currencies of the future, one should not trade / invest solely upon this idea and it is important to take a look at actual price movements to understand where the larger funds / majority of the traders and investors are placing their bets. The BTCUSD chart tells a story of an initial hype that lost its appeal in my opinion and a downtrend seems to be holding at resistance 2 which coincides with a possible downwards trendline .

So my thoughts on this instrument are as such:
1) Should one be adamant on buying, I suggest waiting for SIGNIFICANTLY STRONG buying zones or just wait until a clearer technical picture presents itself. There is no need to be subjected to the fear of missing out if there is a true uptrend as you can always look for entries later on.
2) Does this mean that the breaking of the downwards trendline mean that it is on an uptrend? NO. The market can continue to drift sideways. So keep that in mind and manage your entries, targets and stops wisely

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