Bitcoin Short term chart possible down again $3800

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
After our previous trade (short) from $9500 to $6000 ( Rising Wedge idea linked below), we took a step back and waited for the next trading opportunity.
We can now see a Symmetrical Triangle forming on the intraday timeframes, which is a continuation pattern during a trending market. This pattern consists of at least two lower highs and two higher lows. We can also see a divergence between the volume and the recent climb from our swing low ($3850) to currently $5500.
The market reacts very aggressive to news surrounding Corona/ COVID-19 as well as the ongoing Saudi Arabia - Russia Oil price war.
Please try to react from a logical & fundamental point: we are just at the beginning of something very stressful for the whole world. This is most likely not the last time you'll see the market dip.
It's important to protect your capital and control your emotions. Don't sell at a loss if you did not got liquidated like everyone else did. The market is going to rebound, but simply not now. Try to add more to your positions on our way down instead of shorting in these volatile times.

We use the previous lows at $4400 and $3800 as potential buy-zones for an upcoming Breakout of the Symmetrical Triangle. I will update this idea afterwards.


Disclaimer: Any opinions, chats, messages, news, research, analyses, prices, or other information contained in this Idea are provided as general market information for educational and entertainment purposes only
Mar 14
Trade active: the price is making a lower low, which is the first confirmation for the breakout.
Trade closed: target reached


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Target Completed
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