KonradB

BTC time to rest after a long run up

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Let's take a look at a bigger picture of BTC moves.
It appears that a long run up must end with a bit of a 'rest'.
Normally, it is roughly a 40% (of the size of the run up) reduction or so the past dictates. The past year's events of this nature were circled on the chart.
It appears that last year it was also around June.
Interestingly this price reduction would coincide with the area of strong support at $6000.
Adding this up I see us going there first before resetting the course up again.

For educational purposes and record of play.
Trade active: This looks more stressful than I expected. Never would say it breaks $9k then it did.
The direction looks right at least for now.
Will it start falling now or are we waiting for more twists and turns?
What do you think?
Trade active: Not looking good today.
Though if you check alts all are being drained. You can hear that people are leaving alts in favour of BTC. This would explain why it keeps on growing.
How long for is the question?
If no new money will enter the market then it its non sustainable and it will correct.
I think I will reconsider long when I see the alts and btc both growing.
Trade closed manually: Time to finish this one off.
BTC played me :)
Still believe it will bounce down. Though clear is that it is not going to be as I would expected. Best.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter