Bitcoin - The Resistance Level and Possible Reversal

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
It's an update to my previous post based on the 1H timeframe. You can find it in the related ideas and get more details about the market and why we have to follow the price channel .

Now we have to note an important signal - the price reached 5300.00 resistance level which also is supported by the upper line of the channel.

RSI confirms the price reversal. MACD histogram supports a possible downward movement. DMI tells us about range market conditions. All these signals tell us about the bouncing from the resistance zone and moving down to the main line of the channel. Such movement will be logical.

At the same time, we should be ready to see a breakout, which can be also a false breakout, and an upward movement to the next resistance at 5500.00 level. But do you think that the market can do this now?

Share your ideas in comments, let's discuss!
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I think we can spike to 5100 or even 4900 and claim back higher to 5900/6000 ?!
But do you think that the market can do this now?

no it wil meltdown to 5000 below again no strong buying.
@LA_TRADE, I'm not sure in the upward movement now. Higher timeframes look more bearish and the market can follow these signals.
@DLavrov, I'm seeing bearish flags forming on most of the cryptos now. BTC looks better than most of them right now though. Probably "flight to safety" from the more risky coins. Im not touching any of them until we break out the top.
It could go either way here. Second channel is weaker than first . ETH and LTC showing weakness at this resistance. But BTC is inches away from a breakout and really wants to go! Tough call here. My guess is we retest the bottom of the flag.
+1 Reply
DLavrov etfsandstuff
@etfsandstuff, thanks for sharing your idea!
Watching that channel as well and also keeping an eye out on the double top formation that could come right after. If we are going to be heading up, it's going to take some momentum to push us there but ones the structure high is broken, this could be a great long trade with not much in the way. Love the update man!

+1 Reply
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