Bitcoin
BTCUSD
punched through the 200 day moving average and created a new resistance at $42475 which we are below now. Hopefully you took some profit from most of your trades, and hopefully you didn't buy at the top.
Price action likes to move to the next trend line or support/resistance line down, and usually only bounces back up once it finds support, bounces a few times. For me, I only buy when there is a breakout, or confirmed breakdown; and as it stands we are below resistance.
The tools I am using here include time frame trend lines, parabolic confirmation( red or green circles), dashed support/resistance lines. Each orange diamond is a pivot point, and the red/green/gray pivot markers confirm a change in trend along with the breaks on the current time frame trend line (green/red thin line between candles)
Be prepared to have buy orders at $30K and $18K if we do not break back above $42475.
BTCUSD
punched through the 200 day moving average and created a new resistance at $42475 which we are below now. Hopefully you took some profit from most of your trades, and hopefully you didn't buy at the top. Price action likes to move to the next trend line or support/resistance line down, and usually only bounces back up once it finds support, bounces a few times. For me, I only buy when there is a breakout, or confirmed breakdown; and as it stands we are below resistance.
The tools I am using here include time frame trend lines, parabolic confirmation( red or green circles), dashed support/resistance lines. Each orange diamond is a pivot point, and the red/green/gray pivot markers confirm a change in trend along with the breaks on the current time frame trend line (green/red thin line between candles)
Be prepared to have buy orders at $30K and $18K if we do not break back above $42475.
Comment:
This is not financial advice, merely my ideas for my own analysis.
Comment:
Bitcoin dropped back down from the doji candle, and now we have another doji candle at 37,000. What do you think is going to happen here with the news less than an hour ago that China is going to crack down on miners?
Comment:
BTC back down to $31888 to test support. This consolidation and support run is actually similar to the consolidation of Jan 10 to Feb 7th before BTC jumped to new highs. However, we all know that on that back side of a move like this, BTC usually drops to previous lows to complete a H & S pattern, before another bull run.