Bitcoin (BTC): The Last Frontier

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The market takes no particular interest in trading these days: the volume is very low, volatility - non-existent. No wonder nothing has happened since the previous update. Still, this anemic price behaviour suggests that the bottom might not have formed yet. There are a couple of technical bearish considerations:
  • The price failed to break resistance of the descending channel combined with the moving average;
  • The bounce from April 29 took the form of a 3--wave correction;
  • The Inv . H&S pattern will be invalidated below 7300.
My strategy is to go short on the break of 7320 level. Key levels & bearish targets are drawn on the chart.
Comment: Emerging H&S on other exchanges' charts:
Comment: Above 7700++ I will turn bullish and consider waves' extension:
Comment: Morning Triangle:
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Трансляция живой торговли в закрытом чате.


This is why I'm bullish today
+3 Reply
Dont give up on the h&s just yet (to me its looking more and more promising). I think that if you look at the broader market include fundamentals (and sentiment) , we bottomed already. (February was mini accumulation phase) and since April we have been in a much larger accumulation phase...

IMO, we are in the disbelief stage with a mindset that a rally is never coming again :( .... when in reality its just around the corner :O
+2 Reply
@m5b11, nah...
+2 Reply
m5b11 cryptoezvip
@cryptoezvip, This is mid to late accumulation... Id keep an eye for the entry, to me the buyers are starting to pull some energy away from the bears.
+2 Reply
I think you should check out ETH as well, looking pretty strong
+1 Reply
Nickonomics GabrielVasile
@GabrielVasile, Thanks, indeed.
agree with that. volum structure also support this idea so far.
+1 Reply
well i think it is invalidated already but let's watch price action :)
+1 Reply
@Astroc, I'm not doing anything before confirmation these days. The whole world is watching this breakout :)
Hey! Nice review! BTC looks downwards,we think
+1 Reply
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