BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As expected, BTC failed to get a sustainable brekaout above the 9.000$ mark.

We got a retracement of almost 500$ over the past few hours.

Anyways, things are getting pretty interesting now and I'm still considering a bearish outcome to be the MOST LIKELY one.
However, I do NOT EXCLUDE a bullish outcome.

BEARISH OUTCOME

It looks like BTC has been forming a harmonic bat pattern and is still moving within the rising wedge .
Additionally, we could get some sort of a doubletop here.

If you want to short, make sure to watch how price behaves around the yellow zone (8.600$).
A sustainable breakdown would give us a solid short signal with the 1st target being at 8.250$ and the 2nd target being at 7.800$.

BULLISH

In case BTC manages to break ABOVE the rising wedge + 9.000$ resistance with high volume , I'm expecting 9.700$ to be the 1s target and 11.000$ to be the 2nd target.






Comment: Beautiful how this resistance keeps getting rejected.

Comment: You CAN short this.
Personally, I won't, Volume could be much higher.
Waiting for it to fall through 8.600$ zone.

Trade active: Broke out while I was asleep...Thank God I placed a Buy Limit.
Expecting Extension to 9.5-9.7$
Comment: Move SL to profit.
Near Target Zone
Trade closed: target reached: New Idea is on!

Comments

What happened with regard to the capitulation phase? Did we have it already?
+1 Reply
@juro, Good question to ask - I highly doubt it. Expecting further upwards movement before dropping. 11k COULD be in range. However, I don't think we have seen the bottom yet. Gonna post a new idea on that soon :)
+1 Reply
juro ShaheenFahmy
@ShaheenFahmy, I'm looking forward to your analysis. Thank you for sharing your ideas. Very much appreciated. :-)
+1 Reply
I think your bullish scenario is much more likely at this point mate... public sentiment seems to be changing too
+1 Reply
ShaheenFahmy GustavoBrucestavo
@GustavoBrucestavo, Hey there, thanks for your comment! Appears BTC can't decide for now.
I do agree. Public sentiment definetly changed. Anyways, history has proven multiple times that prices like to do the opposite of what the majority is expecting.

Upcoming week should be exciting in terms of price action.

Have a nice weekend!
+1 Reply
bro
lets get down to 3k
please so i can buy some cheap btcs
+1 Reply
@leorio, You should but it last year. Now stop crying after the train
Reply
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