Mahtab_Tradia

BTCUSD Back To 42K or Meet 70K?!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
As you see, in the Daily chart price couldn’t make a higher high and has broken out the ascending trend line to the downside and has been pushed to the downside after pulling back to the trend line .
I think it is time for BTCUSD to do some correction and comes down.
We have a strong support level at 50K. If that level broken to the downside, I expect the price to have a deep retrace around 43K or 42K which is a major support zone . Otherwise, If the the downside breakout didn’t happen on the 50K level, we might see a rise to 70K.

What do you think?
Feel free to share your ideas in comments.
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Comments

Simple but useful analysis.
100 coins
+4 Reply
@pejman_zwin Thank You!
+1 Reply
pejman_zwin Mahtab_Tradia
@Mahtab_Tradia, You are welcome
Reply
On a side note, BTC is also in the process of Head & Shoulders formation, currently on the right shoulder. Once there's a break on the neckline (incidentally it coincides with your identified 50k support), it will confirm the bearish direction.
+5 Reply
@ak97b Thanks for sharing your helpful info
Reply
Do you think it's wise to stay out of ALT coins while BTC resets? I am new to all this day trading and am doing decent so far but am not set up to short anything yet at this time. I believe that ALTs like OMG, XLM, EOS, etc are wanting to continue pumping hard right now but seem to be getting dragged down along with BTC at the moment. Can someone shed some insights on this and whether my thinking is correct? I've locked in some really nice 15-30% gains in the last week but I'm pretty much sitting all in cash right now waiting for the overall market trend to bottom out and correct. Do those of you holding ALT's at the moment just ride this out or do you sell and look to re-enter once a bottom has been confirmed? Thanks everybody! Trying to learn! :)
+5 Reply
GummyBearBE pspur9898
@pspur9898, good question. im doing the same thing as you right now. Waiting with cash...
+1 Reply
Snacks pspur9898
@pspur9898, Nothing wrong with HODLing and riding out the dips (lots do, I do) but make sure you pull some profit along the way to buy the dips as well. Best of luck man
+1 Reply
Mrorpheus pspur9898
@pspur9898, good idea to hold while BTC plays out, I jumped in on some Ultra (UOS), because it hit a good support, but I think it could be dragged lower with BTC. BTC is very hard to predict and I do hope we see a healthy correction, as it seems to need some consolidation before it's next hill climb, but where it will stop is very hard to predict. Right now I can't imagine it going below 50k but these things always have a way of shocking. Hold on be ready watch btc. To be honest this analysis is the most important to track right now.
+1 Reply
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