cheynos
Long

New update on BTC, is this going to plan? (BTC)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello everyone
Today a small update on the price-action of BTC . Let’s get straight in to this.
we've seen a lot of red this week, what are important things to look at?

-It’s good to see that the sell-off volume from yesterday wasn’t that big if you compare it with last month. We are holding strong at a relatively strong support level (6.2K). A support level that we’ve tested multiple times in the past back in the beginning of June and July. If were not holding this support level at +/- 6.1K, 6.2K, were going down to 5.8K for sure.

-On the other hand is the reverse head and shoulder pattern creating himself. For those who don’t know: this is a very bullish sign. That means ofcourse that we now have to go back up again to 6.8K. If we go back up to 6.8K and go through that huge resistance level , then we could possibly see a run to 7.8K.

-We can see on the graph below that we have had constantly lower lows since may. If BTC hold strong at the support level on 6.2K, that would mean that we could possibly see for the first time in a long period higher low!

-We can see that there are still a lot of people who are going long on BTC . We’re holding strong at that small support line, it would be great if we see a rise there aswell.
(graphs of people who are going long and short on BTC ).


Conclusion:
- If we go under 6.2K--> no reversed head and shoulders
- If we go to 6.8K, don’t trade before we’ve past that level, we've failed there to many times in the past.
- If we go down, wait to trade under the 5.8K mark
- If we go down under 5.8K, we could possibly see a new low at 5K.


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Comment and thoughts are always welcome
My orders are my thoughts, this is no financial advice!

Comments

I see the same. But most traders see the same. Can be managed by Whales?

Good job!!!!
+1 Reply
cheynos joa74
@joa74, thanks for the comment! Much appreciate it!
Reply
Fine work from a fine lad. Cheers
+1 Reply
cheynos jplisson99
@jplisson99, thank you! :-)
Reply
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