mistermint
Long

Main chartist patterns and resistances on Bitcoin

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We are reaching the end of the indecision zone and is a good moment to post a reminder of the actual situation and potential outcomes so we can build a strategy on top of it.

Red circles: Sell areas
Green circles: Buy areas


The actual point concealed inside a diamond shape has statistically speaking more chances to go up, though, we are at 3.43% from a main resistance comming from ATH and below it we have a sell area. By following a 2 minimum risk/reward ratio, our SL would be at 3530$, which is too close... so I will stay out at stable coin for now.
If we drop , we have an harmonic pattern at +/- 3300$ with a bullish hidden divergence and potentially a strong buying action as we could create a double bottom with the lowest price of 2018-2019.

I expect at that point a potential reversal of the trend, either significant or one that smash the diagonal resistance, in both cases we have an interesting % to trade in.

If we go up from the actual price (3600$) until the diagonal and break it, ignoring the bearish divergence that will probably form at that point, we have chances to keep going up from there.
Great work.
+1 Reply
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