Bitcoin went up faster than I would have preferred, 45% in just 12 days. A correction of some kind was due. Bitcoin touched the resistance trend line AND it was overbought on the RSI.
At the moment of posting this chart, bitcoin is still around the area where support, the trend line and the 200EMA converge. This area of support is between $8600-8800. Next few candles on the 6hr chart will paint a clearer picture for bitcoin's short term future.
Thumbs up if you agree!
Please leave a comment with your thoughts.
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Update: pin bar on 4hr chart
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6hr closed on pin bar candlestick as well
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Looks a bit bearish, but still above support
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Indecision
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30 min chart rounding up - looks bullish in this timeframe
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1st resistance crossed
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Declining selling effort for now.
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Inverse H&S AND bitcoin is battling resistance around $9170
Good place for a pin bar. Hopefully it will work out.
davec83
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@rev214us, agreed
kardia
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@davec83, Hopefully, bulls will regain confidence and buy. A lot of people are discouraged right now after the recent dump.
davec83
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@rev214us, yes, mk cap has been increasing little by little in the past 4-6 hrs. it will take a while for people to regain full confidence, and when they do, SELL lol
kardia
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@davec83, I find it helpful to use a trailing stop strategy.
davec83
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@rev214us, yes, well my exchanges don't have that. BUT, I do trade with alerts, for the most part. Bitcoin caught me off guard... I need to cut the sleeping and I'll be golden
kardia
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@davec83, Mine doesn't have one either. As an alternative, I set a sell stop order. Then I simply adjust it as needed.
davec83
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@rev214us, ahh, got it
kardia
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@davec83, If you trade on Gdax and use this strategy, just be sure to put your desired sell amount in the stop price box and the limit price box (located under the advanced option).
davec83
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@rev214us, I don't trade there, but if I ever do, I'll keep that in mind. thanks!