chrisdunntv

Watching Consolidation Levels For The Next Big Move

BITFINEX:BTCUSD   Bitcoin / Dollar
The market's had a nice recovery since
my buy around $288. The market has
pulled back after going over/under ~$400.

Right now I'm not super-excited about longs
or shorts, but watching to see what happens
in between $375-$390.

If the downward channel breaks, we could see
a "popped stop run" to retest $410, but another
possibility is a snap of $375 for a washout to test
$350.

I would WAIT FOR CONFIRMATION before taking
ANY trades, that way you don't get chopped up inside
consolidation.
Chris, will you short Bitcoin on the break of 370 or on the break of 354?
Reply
Kilgore BitcoinGuru
I guess we have the confirmation today: market is deciding to retest $350...
Reply
Looks like it pooped out: next stop at $440?
Reply
Galvin Kilgore
Hard to tell this price action been doing a lot of chop off and on for weeks. Just when you think its going down it gets pumped and vice versa. If that $10 was the big move, that's pretty sad for bulls.
Reply
We're still consolidating, and I'm still slightly more bullish as long as this area of support holds.
Reply
Galvin chrisdunntv
You realize that this area is being held up by a 9000 coin wall on huobi, not sure if that's considered bullish or not.
Reply
Chris do u recommending shorting 410-414 and see how the market reacts at that level?
Or you suggest to stay in, case we go to 444?
Reply
chrisdunntv BitcoinGuru
I think shorting without a support break is very aggressive, because bulls are technically still in control and could squeeze shorts very easily...
Reply
Thanks for providing your insight, one of the few guys on tradingview who's opinion I value. I also love that you keep it simple, these guys with 5000 lines on their chart drive me nuts.
+1 Reply
chrisdunntv devlspawn
Thanks man... ya, just keep it simple.
Reply
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