luckyhelper

Is the current upmove already exhausted?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Today, Pivot point is at 8151. Below the Pivot point , there is a bearish scenario, above a bullish one. Fluctuating around Pivot point means an undecided scenario and a sideways movement.

The current upmove did not yet reach the target of 9000. However, is it already exhausted? Right now, the market price of BTCUSD             is undecided and fluctuating around Pivot point .
Comment: The big picture.
This chart with day candles is an overview, some kind of an aerial photo of a landscape. We can see that the current up move is a correction and not a new trend. As long as BTCUSD remains below the brown, bold dashed trendline, the downtrend is effective.
snapshot
This upmove is smoke and mirros
+1 Reply
luckyhelper venturetrade
@venturetrade, I think so too. As long as the acsending brown, bold dashed trendline is unbroken, the downtrend remains intact. However, we have to recognize the things that changed. This upmove is much more powerful than all the upmoves since December 17, 2017 have been. It will reach its target at 9000. There, we have closely to observe, if it is able to break the acsending brown, bold dashed trendline. I expect a heavy battle Bulls against Bears at that level. If the bear trend remains intact, BTCUSD will go South towards target 1 at 5511.
If the trendline can be broken, Bitcoin market price will soar up to new heights.
+1 Reply
venturetrade PRO luckyhelper
@luckyhelper, to me it looks like a bull trap specially on high volatility.
+1 Reply
luckyhelper venturetrade
@venturetrade, the price will reach the 9000 level. It is already very close. This time, it was not a bull trap. It was a consolidation which reached it's target. However, there is still a slight possibility that it might break the trendline. There is quite a lot of power in this upmove, even if I do not yet see a major trend reversal.
+1 Reply
venturetrade PRO luckyhelper
@luckyhelper, we will see what happens. in november when we had the same money candle, the market rallied but this time it is a different story.
+1 Reply
luckyhelper venturetrade
@venturetrade, you were right. BTCUSD is heading South. Read here about the triple resistance that made the price of the number one coin bounce.
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