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ThomasBlikshavn
Dec 22, 2017 11:08 PM

BTCUSD bull trap, predicted resumption of downtrend at 16000 

Bitcoin / U.S. dollarBitstamp

Description

The current price reversal is in my opinion premature, and the massively overbought market is in need of a real correction. 16000 seems to be a likely point where the current minor upwards movement will stop, based on prior reversal zones, and also the downtrend line. Corresponding to this, there is at the moment a sell wall at gdax at 16000. So far, a further downward movement down to around 11000 seems to be the most likely scenario.
Comments
Allistercointrader
very strong support at 13k !
Allistercointrader
@Allistercointrader, moved up above downtrend line, seem bullish at this moment !
Allistercointrader
@Allistercointrader, downtrend line ( green ) invalid already. Bearish still possible ! Bear or Bull is 50/50 at this stage.
ThomasBlikshavn
160 BTC sell wall at 15500 USD at Gdax.
Radzieoon
That TA is exactly what I'm thinking too. Crypto newbies weren't punished enough yet. At 15200-15800 depending on the exchange there's another fibonacci level and resistance lines as shown on your chart. There is also a 1-4 candle upward correction on 4h candle chart, so I think the reversal will be in 8 hours or so. I put ask at 15600.
nfs5
@Radzieoon, @ThomasBlikshavn - do you guys see it bouncing off 11k?
ThomasBlikshavn
@nfs5, personally, I believe that is the most likely scenario. But then, who knows.
Box1515
It already hit $10,400 on GDAX. If we go down again, next stop will probably be that 8K line.
ThomasBlikshavn
@Box1515, possibly. The buy orders at Gdax start piling up quite a lot around 10500 to 10000 though. Could be hard to push through that
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