GramTooNoob

Strange Support Line for BTC

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC             has been preventing a correction for the past few days, bouncing off a strange support line that looks rather weird. At the moment, it seems to be contracting within a symmetrical triangle and triangles are continuation pattern ( Bearish in this case). So two possibilities here. Either it breaks this support line and goes down now or it moves up again towards the resistance line before bouncing off hard and continuing its downwards movement. The support line has been tested 3 times and is likely to break on the 4th try.

The trend is still bearish and the daily MACD is almost crossing under, and the hourly just looks dire. But lower time frame and 4 hours is starting to show signs of possible recovery, so we probably will see BTC             moving up to 13900 to test the resistance line again. This will be interesting if BTC             actually breaks above, but I highly doubt so. Still let's keep that possibility in mind. A break above the resistance would likely suggest that downtrend has reversed. The next 24 hours will decide the fate of BTC             and a chance for brave bulls to save their trapped friends above. I don't have a recommendation for long or short atm, this is pretty much a wait and see situation.
you are a liar and a cheat! you shall be punished by God for your wrong doings.

Guys - dont trust him he will cheat and take your money!
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Do you think whales are controlling market forces to such degree that they are preventing complete correction? Huge walls appear, suddenly they dissapear... Is this really in their long term interest? ATM price bounced up to 15k... it seems all the market it doing is bouncing on the upper and lower limits... taking turns... waiting for... what?
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@avito1, its not like all whales are on the same side and that all manipulations are long term. I don't think they are preventing correction, they are also preventing a sudden collapse which is not in their interest either. This side way movement can be a correction in itself called price discovery. It is ultimately still the same game, the rules have not changed.
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It broke!

You think a retest of $12,500 now?
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@bigdogg, once this broke it should follow my wave counts down all the way until 10k breaks. Assuming 10k breaks, some ppl are optimistic that it won't fall beyond 10k but TA suggest potentially below 5k. Let's see what the market decides.
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