austinmfcoats

BTCUSD: Are We Done Dropping?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
From the chart, we see that we breached the longterm trend line . It could be a sign that we are going further down in a few days, or that it was a false break down.

However, typically on the past 2 crashes, we were following with strong buying volume as pointed out by blue arrows. Today there was not much buying volume as i would like.

I wouldn't place any long orders until we are clear above 10k and above our long term trend line .

I will update this idea if i get 5 likes.
Comment: Bitcoin is sitting on the trend line currently. Still no short or long positions to be opened at the moment.
Comment: Bitcoin is looking heavy.

Lets hope bitcoin can hold its previous low forming a double bottom. If not bitcoin is likely to fall to the 6k levels.
Comment: Still no buying volume, looks like we might touch down to the 6k levels.
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