BTC is still stuck in a descending triangle. It has tested the base level (around $6k) five times now depicted by the pink circles. The optimist would say this means this is a strong support level, which unarguably it has been, but we are nearing the end of the triangle, and its coming to decision time. The volume is decreasing and the enthusiasm of a bull market is no longer existent. Yes, the possible CBOE ETF on the horizon (Aug 16) would be very positive for btc, and if the triangle remains intact until then it could break upward. Until then I will remain pessimistic looking for buys around $5k and if that level cant hold, buys around $2,800.
On the optimistic side, every time I publish a "short" chart for bitcoin the price usually does the opposite so here's to hoping. Cheers.
On the optimistic side, every time I publish a "short" chart for bitcoin the price usually does the opposite so here's to hoping. Cheers.
Trade closed: stop reached:
"On the optimistic side, every time I publish a "short" chart for bitcoin the price usually does the opposite..."
At least I am consistent^
At least I am consistent^
Comment:
I shouldnt say I have completely given up on this idea given the line hasnt completely broken and solidified itself above it. I will wait until the end of the day before I concede to the bulls.