BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We are sitting on a prior consolidation level (230-235).
These are the possible outcomes:
  • 235 holds, we break up, inverse H&S resolves, target 280-290
  • 235 breaks resulting in a meassured move down to 180
Last time market retested such a major consolidation level from above,
OBV was in a downtrend, thus price continued the downtrend.

Rightnow we have a similar situation only that OBV is in an uptrend.
This may be a hint for a bullish resolution of this situation.
Also we have a tripple bottom with long wicks at this level, suggesting strong support.
Large volume is required to create a convincing breakdown.

Check out the charts linked bellow for more details about my bullish bias here.

Cheers : ]
235 broke, what timeframe do you have for 180 ?
MagnusTradingGroup Douglas-Squirrel
Depends on how long we stay above 210. once that level breaks, support down to 180 is thin.
If you ignore that we are in a year long downtrend, one could argue we are still in a range between 210-300. There are sevel hints that BTC is trying to consolidate it's fair value in this range. For the price it would mean spending atleast half a year more in this range. All time moving averages are within this range aswell as the average cost for minners to mine a bitcoin. So it wouldn't surprise me if we consolidate more within this range instead of continueing the downtrend in the manner everybody expects.

Really nice chart!
+1 Reply
I thought this idea to be reasonable indeed!
+1 Reply
MagnusTradingGroup nunoedgar.fernandes
Thank You !
+1 Reply
thanks for sharing, i agree with your idea
+1 Reply
thx for checking it out ; )
Good ideas
+1 Reply
As always :D
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out