Hi all cryptomaniacs, BTC has again broken down in a now very familiar pattern. From the recent rally to $6800 it has now retraced to the golden pocket at $6140. I expect a nice bounce from this position rather than further falls. As you can see a descending triangle has formed and the probability of a break out is high. The resistance cloud is at $6450. The short term high will be located around there, after which a bounce down is likely. Down, down down, you don't fuck with the institutional wolves, they have their fingerprints all over this. The price movements lately have been clearly manipulated through complex algorythmic robots. This is where you see long 15 min candles going against larger trend and bart simpson heads all over the place. Another point to mention, BTC has not yet broken market structure to confirm a bear market. Rather it is a correction at this stage. *Please like or follow if you are happy with this TA. *Each individual trading position is unique and this information should not be used to formulate any type trading plan.
Comment
⋅
The price has now been rejected 3 times at $6150 on the 2 h. I give it one more touch then breakout
Comment
⋅
On the downside, a full candle/wick below $6100, and it all over red rover.
Yes the title says it all. There is a clear descending triangle already formed in the last move down. Therefore we expect a bounce up out of the triangle in a short term move up. However, we are in an overall downtrend, and as such expecting to go lower than the current price soon. The short /long thing is very subjective depending on ones time references.
UnknownUnicorn2742699
⋅
Descending triangle has broken out ,not as high due to lack of volume.The upside resistance is now at $6350.
bitcoinatx
⋅
Sorry it's early & I have yet to finish my coffee, but the chart is labeled 'SHORT'. but if I read correctly you are saying LONG...? Plzz elaborate if you care to... Cheers