MoonTrader

BTC starting to show signs of weakness

BITSTAMP:BTCUSD   Bitcoin / Dollar
The BTC price has been hugging the recently formed uptrend line a little too close for comfort as we approach the end of an important symmetrical triangle. If it is broken to the downside, the first target is $340, but I would be expecting more downside in that scenario.

The triangle has not broken yet, but judging by the low volume , there just don't seem to be enough buyers to push the price up. The price was testing critical resistance and only recently backed off, volume still low. It could still break either way, but honestly, I would have my finger on the sell trigger right now. We have a bullish moon coming up, but that doesn't mean much when everything else seems to be against it. This could easily be a confounding factor that indicates the continuation of a bear market rather than the start of a bull market.

Watch volume carefully and don't be afraid to short at this level. The price has waited longer than expected and now it seems to be backing away from its push against resistance. If and when support breaks (looks like it's already happening on Huobi), I'll be looking to close my shorts in the $340s for a nice 5-10% short. Good luck!

BTC Donations:

1JzjmYmk2enL3HPCoruSR7KYQRQ4bkoTR4

Thanks!
ChartArt
2 years ago
You know something is changing when even the "MoonTrader" gets bearish ;-)
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MoonTrader ChartArt
2 years ago
lol I've had plenty of bearish ideas. I've just been bullish lately because that's what the trend was indicating, but the trend may be changing again.
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blibby
2 years ago
Support held again why do you think that is bearish?
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MoonTrader blibby
2 years ago
Support can "hold" and still show signs of weakness. As I have noted in further ideas, though, I have not made an absolute decision on this yet and am waiting for the resolution of the triangle.
Wait for triangle resolution
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MoonTrader
2 years ago
Also, you'll notice this idea is neutral, not short.
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Maddie
2 years ago
Perfect chart men! :)
Reply
sanlaw
2 years ago
Good post please keep it up. thanks


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