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Jocoin
Jun 2, 2020 9:54 AM

BTC: Breakout Or Breakdown Short

Bitcoin / U.S. dollarBitstamp

Description

We have been waiting for break down of uprising channel support .. price respected it for 3 weeks now but its coming to an end! price has formed higher high that touched major black resistance line and resistance area where we had orders waiting just incase .. Hidden bearish divergence still in play on daily chart and the last leg high created a classic bearish divergence on lowertime frames and we still can notice it on daily chart which could be the start of the break down of this channel

So Its time for breakout or breakdown! .. our short orders filled at 10400 level with tight stop loss .. time to wait and watch

Comment

Btc breaking down the channel
Comments
BarbaraWeberMD
Logical ideas
phillipdionysiou95
I agree that there is still some downside to bitcoin, especially with everything going on in the world. Thanks for the analysis Jocoin!
astromaniak
Nice chart
Mudrex
crazy good work on the charts! loved them :) and spot on analysis
phillipdionysiou95
Can we please get an update. Thanks :)
phillipdionysiou95
any update on the current position?
phillipdionysiou95
@phillipdionysiou95, looking forward to your view. Thanks :)
phillipdionysiou95
Bitcoin Just broke out of ur channel! What do we expect?
transparent-fx
I will be looking at it as well, this is what I will be looking at
adamicius
looks nice & logical and of course never say never, but I just don't believe we can diverge from S2F and rainbow chart to that extent

Still, I'm grateful that are contrarian charts like yours - good for enlarging one's perspective...
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