This may be a possible play in itself, as a measured move would have a target of around $4500.
Currently, the support is ranged from 4850-4975, but this is not extremely significant support and may mean that BTC breaks down from it towards $4500...
Whether the triangle is bullish or bearish is not relevant to me, as I only see it as some sort of symmetrical triangular formation meaning an equal chance to break out either direction.
- You may be wondering 'what was that massive pump and dump earlier today?' and my answer is: The federal reserve announced further cutting of rates towards zero, and initiating 'quantitative easing' with $700 billion. This will positively influence the prices of stocks but not forever... This is why I think BTC had a huge move up, and CMES opened after the bullish candle, but quickly sold back to the opening of the candle. -> The majority didn't think BTC was worth 5900 at the time.
- The 12hour 10SMA was exactly at the price, and this could also be why there was such a huge rejection:
After this move down BTC was back inside the triangle, and actually had a small rally to the top trendline before selling off and eventually leading to the break it.
I actually placed a short position in at exactly $5965 and played it down for a nice %60 profit.
My next support zone is between 4150 and 4250. This is also confluent with the Weekly closing below both the 200MA & 200EMA earlier today. This giving good reason for another test of the low to mid 4000's.
Currently, the support is ranged from 4850-4975, but this is not extremely significant support and may mean that BTC breaks down from it towards $4500...
Whether the triangle is bullish or bearish is not relevant to me, as I only see it as some sort of symmetrical triangular formation meaning an equal chance to break out either direction.
- You may be wondering 'what was that massive pump and dump earlier today?' and my answer is: The federal reserve announced further cutting of rates towards zero, and initiating 'quantitative easing' with $700 billion. This will positively influence the prices of stocks but not forever... This is why I think BTC had a huge move up, and CMES opened after the bullish candle, but quickly sold back to the opening of the candle. -> The majority didn't think BTC was worth 5900 at the time.
- The 12hour 10SMA was exactly at the price, and this could also be why there was such a huge rejection:
After this move down BTC was back inside the triangle, and actually had a small rally to the top trendline before selling off and eventually leading to the break it.
I actually placed a short position in at exactly $5965 and played it down for a nice %60 profit.
My next support zone is between 4150 and 4250. This is also confluent with the Weekly closing below both the 200MA & 200EMA earlier today. This giving good reason for another test of the low to mid 4000's.
Trade active:
4250 is still very much in play, I am expecting the move to come within this day, as BTC right now is not hovering on strong support, but instead a zone with hardly any support/resistance zones and no liquidity.
Trade active:
Another great opportunity to enter, as BTC has now bounced back up towards the downward-sloping trendline... This may likely follow through with more downside.
