BTC in sell zone, but breakout is still possible

Bitcoin / U.S. dollarBitstamp

Description

⋅ Nov 21, 2017 11:07 PM

BTC has been grinding for 6 days in the upper channel (sell zone)
I believe the more time it spends here the higher chance of a breakout.

Comment

⋅ Nov 23, 2017 12:10 AM

7th daily candle closed in this channel. This is the longest BTC spent in the "Sell Zone".

The market had plenty of time to exit so it is very bullish to still be consolidating in the "Sell Zone". I strongly believe we are going higher.

Chart Patterns

Comments

Coledaman

⋅ Nov 22, 2017 5:31 PM

I feel the opposite about the more time it spends here, the higher the chance of a breakout. The breakout from the old sell zone happened abruptly.

comfyharry

⋅ Nov 22, 2017 9:10 PM

@Coledaman, perhaps but there are other similarities. BTC failed to breakout of the old sell zone 5 times prior to the final breakout on the sixth attempt. And this is currently the sixth attempt in the current sell zone.

hyipster

⋅ Nov 22, 2017 8:24 AM

Great long term chart thanks ! BTC might go parabolic to 10k with the FOMO effect before re-entering the ascending channel and the buy zone. I'm still long with no S/L because the volatility is too high to use S/L at the moment but I sleep with one eye open :D

pggohler

⋅ Nov 22, 2017 12:27 AM

Good stuff