CryptoMagician34

BITFINEX BTCUSD. Possible Triple Bottom Reversal.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Sometimes its a simple pattern,

If BTC closes the day above the support lines in purple then we have a shot seeing a reversal.

Daily RSI shows us that we have broken the down trend and BTC is ready for an upwards move, baring any more bad news. I am more worried about Tether being an issue than regulation of the Asian markets.

Downside, If BTC breaks 9500, then its likely we see 8k.

Best guess its 50/50 right now.
Comment: https://www.tradingview.com/chart/fCLgVlQy/

Another 3 reasons I believe 10K will hold and we will return to 13k+

Daily RSI has Crossed the Downtren line and stayed above at close for 2 days.

MACD has Crossed Bullish

Price has not closed below 10K Support or the previous resistance turned support line.
Comment: No Reversal yet and we have broken the 10k support. Support of the previous downtrend resistance is holding for now.
hey, i still have my order open on 8.5k ;)
+1 Reply
@siwe7, getting close!
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@siwe7, did you buy at 8.5?
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siwe7 CryptoMagician34
@CryptoMagician34, um, no, because i tried to catch a few marks, like 10k and 9.2k and so on, but my stop loss was executed... so i wanted to be on the safe side and cancelled my other orders.

also i was trading on bitfinex the most time. and i may be a bit over-cautious here, but i moved most of my fund off bitfinex to kraken, due to the tether story. i am losing trust in bitfinex, not only due to tether but also due to a missing deposit of more than 700 IOTA.

but i am considering to make these trades on kraken, but i am not sure, if i should go long or short now, because i think the downward trend is pretty strong.
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Weak hands leaving the market. Tether may snap anytime, but that's impossible to predict. They could buy time all the way to 2019, it doesn't necessary have to impact the market come February.
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@hosweetim89, I agree. I have always assumed the exchanges dont actually have the money to cover. Big Whales couldn't have sold all their coins at 20k, the money wouldn't have existed, this makes me believe they are holding on and buying anything that hits 10k.
+1 Reply
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