chrisdunntv

Watching Consolidation Levels For The Next Big Move

BITFINEX:BTCUSD   Bitcoin / Dollar
2464 10 18
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.
devlspawn
2 years ago
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
2 years ago
Thanks man... ya, just keep it simple.
Reply
BuyBitcoin.WS
2 years ago
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 BuyBitcoin.WS
2 years ago
I think shorting without a support break is very aggressive, because bulls are technically still in control and could squeeze shorts very easily...
Reply
Kilgore
2 years ago
Looks like it pooped out: next stop at $440?
Reply
Galvin Kilgore
2 years ago
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
chrisdunntv Kilgore
2 years ago
We're still consolidating, and I'm still slightly more bullish as long as this area of support holds.
Reply
Galvin chrisdunntv
2 years ago
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
BuyBitcoin.WS
2 years ago
Chris, will you short Bitcoin on the break of 370 or on the break of 354?
Reply
Kilgore BuyBitcoin.WS
2 years ago
I guess we have the confirmation today: market is deciding to retest $350...
Reply
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