MarcPMarkets

BTCUSD: Shallow Retrace Hints At Break Out To 7500.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD             update: Price is hesitating just under the bearish trend line that has been established since early August. While at the same time, the bullish trend line is also still intact. Which way is it more likely to go?

In my recent Bitcoin             article on S.C., I explained the increasing risk of retrace as price pushed into the 7Ks. There is no reason to buy into a high, but there are occasional exceptions.

The previous candle has closed as a pin bar . By doing this, price managed to maintain the bullish trend line . This is a sign of strength and a likely continuation pattern similar to an inside bar .

When a market sells off it usually happens fast. The fact that price is holding up certainly supports the bullish argument. It may also be the result of the coming holiday in the U.S. which often unfolds with lighter volume across all major markets.

In summary, if the current structure holds, this market is poised to break higher. The trade would certainly be an aggressive one, and those details will be shared with our members.

We are not one to buy highs, but shallow pullbacks are an attempt to retrace. If the market can't retrace, it is saying that the bulls still maintain control. The 7500 area is a reasonable expectation if a continuation break out occurs. A close below the bullish trend line will negate this scenario. Begin with the idea and then let the market choose to validate it or not.
Marc Principato, CMT |Author: Analyze Any Financial Market Like The Pros Using Price Action| http://www.Priceactiontraders.net | Cofounder http://www.seekingcryptos.com (S.C.)





The monthly candle has closed. I rarely see people talking about the monthly chart so here it is.
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spike is coming
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Shadow retraces with a large resistance though

August 31 BTC analysis | 3 candle rule | Rising trendline + horiz. support weakening | Decision time:
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I think breaking through of resistance line is begin. + for local bullish scenario:
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Bitcoin Corrective pattern
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The contrarian side of me thinks we'll reverse sooner. As always, when people in this space get too excited, it's wise to start looking for the trap door. Things are not always what they seem ;)

Regards.

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@MarcPMarkets 7500$ is fore sure. What I wonder is what is gonna happen after 7500 is reached. Is it gonna bullish or bearish again. What is your opinion?
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TomPower Zenter
@Zenter, yes you have to wonder is 5K in the cards after that number or as Mark says we go down for a retrace here now
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Zenter TomPower
@TomPower, can't believe that. It has been dropping since 9 months. Time to be bullish at the end of the year. That is enough of dropping. Alts are dropped %90 from their ATH, this is not logical.
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