tommytoan11
Short

Does BTCUSD break below this upwards trending channel?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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  • Some minor bullish divergence on the MACD histo 4h, a little overbought on the MACD 4h in general.

  • RSI fairly neutral on the 4H.

  • 13BTC support at 6630 on binance as of 1:31PM GMT+8.

I think BTCUSD bounces here pending any major bearish news, but who knows right now amirite? Still not a bad entry i think, just set tight S/L because things are extremely unpredictable right now. Keep in mind this is eventually a bearish pattern we are in, we will break down below this channel at some stage, just a matter of when. We could also form a new pattern ofc , as my last published idea argued for an ascending wedge , which was incorrect.

BTCUSD has a ton of bearish alarm bells going off, really need some bullish breaks, need to see us hold above 6800 soon.

Comment: BTC broke down out of the ascending channel. Very bearish. Id still like to see my measured move down hit so will keep this updated for a few more days.
Trade closed: target reached: Unfotunate target reached, could be looking at some dark days until more regulatory / SEC and ETF news.
Binance is one of the smallest markets for BTC.
Suggest You to watch whats going on in Bitmex - 1,7 Billion volume.
+1 Reply
@zerblunk, thanks for the tip, will do. I thought binance had the largest trade volume? Or is this only for certain coins.
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zerblunk tommytoan11
@tommytoan11, Might be the whole turnover with all alts, but BTC is by far biggest in Bitmex.
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