Next very critical Point for BTC

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
208 1
Hello friends, Traders and Interested,

at first I have to say sorry and have to agree, my last TA went wrong. The massive dip from 10.8 K I did not really see. But, mistakes happen, important is not to ignore them. Okay, ....................

I ll give you a short Update here, because BTC is again at a very critical Point.

Okay, into the Chart. As you can see BTC is actually in an small downtrend channel . We saw during the past few hrs continous bearish triangles. Now BTC reaches a Point, were maybe a Head and Shoulder formation will occur, and we would go to 7850. This H & S is to be seen in the 1 hrs-chart. The Problem is, if this H & S will work, we reenter into the bigger downtrend channel . Than I see a really big fall, maybe again down to 6 K to retest our last big bottom.

So watch carefully the next 1 - 2 hour the 15 min. - Chart. Should BTC fall under the marked line ( green) , bye bye I say to BTC . In my opiion, last Chance will be, if BTC can leave the actual downtrend channel ( see my Text in Chart, blue cross lines). This cross must happen now, otherwise the other sceanario will run.

Okay, trade safe.

As always no trading advice, just educationl. Trade on your own risk.

If you like this TA, please a like and I am always happy, when you follow me.

Best greetings,

Yes, it seems BTC has broken this important Point in6to the upward direction, exactly at the marked line. Now we must see if this will result into a healthy upttrend. Next Point will be at around 8950.
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