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muxie
Jul 29, 2020 11:16 AM

why 11400 is a tough Resistance Short

Bitcoin / United States DollarCoinbase

Description

Note I have not professional trader, do your OWN research !

key points
- 11400 multi year resistance
- BTC is printing "knife" drop one after the other, confirming temporarily rejection to move higher
- SPX struggle at resistance
- BTC correction not complete, see related idea
- The previous run from 9000 to 11000 generated too much FOMO, remember to 1 rule "buy low sell high" and vice-versa
- Most people are in profit, distribution, correction and accumulation necessary
- The next dip may trigger a bigger bull run since people will take the opportunity.
- BTC.D still high, there is probably still room for ALTS
- Personally I think some major cap alts are more mature than on 2018 if this bitcoin halving fails they take bitcoin's dominance
- Note that on small time frames 10800 has been holding as support

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Trade active

This is fake breakout, better short instead the resistance is tough

Comment

Hats off to bulls for higher lows and holding the short wicks!
maybe correction wont happen, spx also holding.
Comments
Crypto-Coin-Trader
Better look at 10,800 USD level on the monthly chart + draw only lines to the candle close. Not the wick.

muxie
I used 17k as resistance for 2017/2018 since 20K was quite ephemeral
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