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Batrachotoxin
Jul 30, 2019 4:44 PM

BTC continues showing bearish favor this week Short

Bitcoin / U.S. dollarBitstamp

Description

A bearish pennant pattern appears on the BTCUSD chart, indicating that the pump and dump schemes in the recent days will end up with a flash crash to $8500 area, as mentioned in the last analysis.

Besides, BTC faces strong resistance of MA50 on the H4 timeframe (around $9800), there was a small chance of BTC to break this resistance on the first try. A decline of that resistance can push BTC back to $9100 area, and if that support can't hold, BTC will dump more.

The ideal short/sell zone is around $9800, with a stop-loss to be put at $10200. Targets for this trade are $9400, $9100, $8800, $8500.

Supports and resistance of BTC are posted in the last analysis below.

Comment

There is a 50-50 chance of BTC to go on both directions. I am still bearish at this moment.
Comments
yingshu
Thank you for sharing. But if BTC breaks MA50, is there be an uptrend? I can see it's trying to break this resistance.
Batrachotoxin
@yingshu, BTC is still on the mid-term downtrend. It's still too early to think of an uptrend.
Bullandbeartrading
I like that wedge mate.
Batrachotoxin
@Bullandbeartrading, BTC go against my prediction :( After breaking MA50 resistance
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