gannscalper

Bitcoin continuation of long trend or selloff?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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BTCUSD broke the uptrend. Normally after a trend is broken, the price retests the trend to sell more later.
So bitcoin is facing a heavy resistance zone , where if your are long, its a good idea to take profits. BTCUSD needs some heavy volume and momentum to break that resistance zone .
The resistance zone has to be watched closely. Either for short entry or taking profits.

If the price is just retesting the trend break a heavy drop to 2800$ in a sort of black swan event ist possible. Remember to adjust your stops. Good trading everybody!
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