Nomadetrader

BTC/USD - Still not the time to be bullish

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi guys!!
as much i would like to be bullish about BTC , i think is not the time yet.

In the short term we can see a triangle or wedge formation, that is likely to be broken down following the previous move.
If goes down, will form a flag pattern that have as goal the the same size as the poll.
If you look this chart in weekly period you will see in the green circle a very strong engulfing pattern, I think that could be the end point of this down trend. And also in the weekly you can see the 200 moving average that hasn't being broken yet. But as it is really near, i think the market will wanna test this break to see how liquidity will play under the 200 MA.

Lets wait and see!!

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