xfob
Long

BTC Broken Short Term Downtrend, Onward to $14k!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
On the 4 hour charts, BTC             has finally broken the shorter term downtrend! If it doesn't fall through the $11k support, we will be headed towards $14k and push at the longer term downtrend. On the TD             Sequential count, we should have 2 more bars on the 4 hour chart to move up wards, then it should fall towards the $11k resistance.

As you guys may or may not know the CME futures expired yesterday and will be settled on Jan 31. A lot of bears shorted BTC             before the closing bell due to the XEMBTC             hack and stolen funds of over $450 million USD on the Japanese exchange Coincheck. As the trend continues upwards these bears will be in for a lot of trouble, but it does make me wonder if there will be manipulation for downward pressure before the settlement on Jan 31. Is this market still capable of manipulating Bitcoin             to that extent? I'm not sure, I'm just rambling.

Key Takeaways:
  • New support $11k
  • Resistance at $14k (longer term downtrend line)
  • Next ~8 hours should still push upwards
  • CME futures settlement on Jan 31. Lots of bears shorted, will market turn downwards closer to the Jan 31? Or will all these bears be doomed?
Comment: This trade setup is still valid, if the $11k support holds, we will be seeing an uptrend by the end latter half of the week.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out