BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC is finding heavy support on 200 sma with a very bullish candle, however if BTC breaks and forms 2 candles below 200 sma then down trend is confirmed, next support is around 6900.
unlike may were saying there is no inverted head and shoulder pattern, it is a reversal pattern and forms at the end of down trend plus volume is not building.

if BTC break from descending channel and breaks from 12000 resistance then we have bullish pattern and next target is 17000.
Mar 10
Comment: BTC is finding good support at the neckline and 200 sma but this could be a trap, i would not go long until it breaks from descending channel, probably at 10,800 usd in two or three days, after that 12,000, 17,000 and 20,000 are the next level that we can trade, it should have a huge resistance at 20,000, descend a little and create a cup and handle pattern then shoot up.

another scenario is that this is a trap to pick all the stop order put around 9,800.

this is not a trading advise, it is merely my analysis on the market
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