Hello Traders,
We can see that Bitcoin is not in the good shape it used to be.
What do we have here.
Since its top at about 19500 Usd, Bitcoin is trying to find its value by getting lower and lower, it still did not make a higher high to this date.
We are having Bitcoin trapped inside a sort of descending triangle. This triangle is unfortunately acting as a very heavy resistance, and yet Bitcoin could not pierce it nor stay above it.
Bitcoin is testing itself by testing supports and resistances.
This overall view makes us see that Bitcoin is poised to test lower resistances until we see a bounce and a possible break through the heavy resistance line.
Thus, even if it had to break through, it is not a guarantee that Bitcoin would form a bullish uptrend.
Bitcoin is not dead. It will bounce up when it will hit one of those resistances (orange lines), so wave trading is still possible.
I drawed a possible big cup and handle, but to make it be realised, Bitcoin would have to pierce the downtrend green line, and the heavy resistance around the 11.800 Usd. This will not be easy at all, but if we want to see Bitcoin getting really bullish again, i'm affraid this is what we need, coupled with more volume and a bigger market cap.
Going long now seems compromised to me unless we see Btc piercing the green downtrend, and eventually form the cup and handle.
Bitcoin could also bounce up from the bottom of the green triangle, that could propulse it definitely outside if this dramatic green triangle.
Stay tuned and feel free to come back to this graph to use it with the play button, and see if/when Btc pierces the triangle and rebounds on its bottom (going below this triangle bottom would be a disaster).
If you are beginning in cryptocurrencies trading and want to be quickly aware of Btc news,i would suggest using twitter, subscribing to
-Coinspectator for very frequent news
-John Mcaffee
-Donald Trump (US geopolitical decisions can influence Btc prices, and -un-fortunately Trump is using Twitter as much as Lincoln used telegraph)
-Binance
-Coinbase
-Ripple and Brad Garlinghouse if you don't want to miss eventual Xrp pumps reacting to some new contracts and use of xrapid or xripple.
Good luck to you!
We can see that Bitcoin is not in the good shape it used to be.
What do we have here.
Since its top at about 19500 Usd, Bitcoin is trying to find its value by getting lower and lower, it still did not make a higher high to this date.
We are having Bitcoin trapped inside a sort of descending triangle. This triangle is unfortunately acting as a very heavy resistance, and yet Bitcoin could not pierce it nor stay above it.
Bitcoin is testing itself by testing supports and resistances.
This overall view makes us see that Bitcoin is poised to test lower resistances until we see a bounce and a possible break through the heavy resistance line.
Thus, even if it had to break through, it is not a guarantee that Bitcoin would form a bullish uptrend.
Bitcoin is not dead. It will bounce up when it will hit one of those resistances (orange lines), so wave trading is still possible.
I drawed a possible big cup and handle, but to make it be realised, Bitcoin would have to pierce the downtrend green line, and the heavy resistance around the 11.800 Usd. This will not be easy at all, but if we want to see Bitcoin getting really bullish again, i'm affraid this is what we need, coupled with more volume and a bigger market cap.
Going long now seems compromised to me unless we see Btc piercing the green downtrend, and eventually form the cup and handle.
Bitcoin could also bounce up from the bottom of the green triangle, that could propulse it definitely outside if this dramatic green triangle.
Stay tuned and feel free to come back to this graph to use it with the play button, and see if/when Btc pierces the triangle and rebounds on its bottom (going below this triangle bottom would be a disaster).
If you are beginning in cryptocurrencies trading and want to be quickly aware of Btc news,i would suggest using twitter, subscribing to
-Coinspectator for very frequent news
-John Mcaffee
-Donald Trump (US geopolitical decisions can influence Btc prices, and -un-fortunately Trump is using Twitter as much as Lincoln used telegraph)
-Binance
-Coinbase
-Ripple and Brad Garlinghouse if you don't want to miss eventual Xrp pumps reacting to some new contracts and use of xrapid or xripple.
Good luck to you!