Long Term Sideways/Short on BTC

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
there are simply no signals that support the Bulls


Nice idea on BTCUSD and there may be potential gains as you have identified by going short. For this set up, we have identified the resistance and support levels. The 1st resistance level that we have found is at 6738. It is a horizontal swing high resistance with 76.4% Fibonacci retracement and 61.8% Fibonacci extension. Stochastic is approaching resistance and we might see a corresponding drop in price should it react off this level. If a corresponding drop does occur, we may want to take a look at the 6523 support level. It is a horizontal swing low support, with a 100% Fibonacci extension and 76.4% Fibonacci retracement. Excited to see how things develop.

Please take a look at our idea and share with us what you think.

there are no signals that support the bears as well. so stay away from the market until there is a break up or break down.
bigcoupe sankarmail
@sankarmail, The long term trend is very much Bearish
sankarmail bigcoupe
@bigcoupe, I dont see that yet. If bitcoin breaks 6200, then I will consider bearish. Until then I am neutral.