Rashad
Long

Possible Reversal in Bitcoin: Falling Wedge inside a Fib Arc

BITSTAMP:BTCUSD   Bitcoin / Dollar
302 10 3
-Fib Arc from the recent high of 450 to the recent low of 255, defines areas of support and resistance .
-Descending triangle is what caused the recent fall in Bitcoin's price, the price took us down to a support area at 255 which is defined by a long term support line and Bitcoin's long term falling wedge (please see my linked chart for what I mean). The descending triangle is defined by my white trend lines .
-A Falling wedge has appeared to form. It is defined by my purple trend lines . The Resistance line is well tested and shows clear resistance, admittedly the support line was only tested twice, however for a third test of the support line, a break of the current Fibonacci support would be required. Overall, it is important to remember a falling wedge is a sign of a possible reversal.

Although further declines are possible, this downtrend appears to exhausted. To take a contrarian investor point of view, buying the dips is a profitable way to make money in an overly pessimistic market.
Rashad
2 years ago
I am aware that Bitstamp is currently dead, but at the time of creating this Bitcoin is about ~270. As well Bitstamp only died about 12 hours ago, so this chart is still relevant to Bitcoin.
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ChartArt
2 years ago
Think like a "contrarian investor":

Buy low. And sell high.
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MoonTrader ChartArt
2 years ago
Are you still long?
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ChartArt MoonTrader
2 years ago
yes
+1 Reply
ChartArt MoonTrader
2 years ago
I closed now at $287 after the $291 Bitfinex peak.
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Qiuness ChartArt
2 years ago
you think the uptrend is over? I think a leg up to 297 is possible
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ChartArt Qiuness
2 years ago
1. Looks overextended and overbought
2. Bitstamp delayed that they go online again another 24 hours
3. Possible hackers who hacked Bitstamp said they are not done, yet and something is going to happen tomorrow
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Qiuness ChartArt
2 years ago
opened short... let's see how that goes
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ChartArt Qiuness
2 years ago
I was too bearish. The FOMO to buy back just started.

An hour ago I admitted my error and bought back at $288
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MoonTrader ChartArt
2 years ago
Same here, $287.5 :p
+1 Reply
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