Mihai_Iacob

Bitcoin- New leg down?

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
In my previous Bitcoin analysis, I said that in current market conditions selling rallies is the safest way to trade and I indicated 18-18.5k as the zone to do this.
Indeed, after the break of support and the steep drop from the beginning of the week, Bitcoin rose, corrected the dive, and confirmed the 18k zone as new resistance.
The price action from the past 2 days is drawing a small triangle on our short-term chart and this could be an indication of continuation to the downside.
The base of the triangle is around 3kusd and this gives us a target of around 14k for the next drop.
Only the price back above 18-18.5k in terms of daily close would put a pause on the drop and signal a potential range trading for BTC .




Free Telegram- Forex&Gold trades:
https://t.me/intradaytradingsignals

Free Telegram- Crypto:
https://t.me/FanCryptocurrency



Paid subscription info:
https://t.me/IacobMihai
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.