Art_of_Trading
Short

BTCUSD: BITCOIN Analysis - Do We See More Price Falls?!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As it was analyzed in my previous chart, the BTC             buyers stepped in and push the price up. It hit the structure high at 9405 area that acts as resistance after the breakout. We saw that the price respected the resistance and bearish bars were formed.

The big orders are usually placed at key levels and I assume the bears are going to continue selling that will push the price down. Also, the buyers are going to lock their profits that will create the additional selling momentum.

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I agree with this completely. There hasn't been enough momentum to push us past this resistance.

The only other scenario in my head is that we go sideways here for a while, then make another stab at it.
+1 Reply
Art_of_Trading RYANCAMPBELLSD
@RYANCAMPBELLSD, The market may move sideways this weekend, because usually there are low volatility at weekends.
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RYANCAMPBELLSD Art_of_Trading
@Art_of_Trading, I will say this also does look like a rising wedge, which hasn't been the best formation for btc lately.
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