StefanCaster
Short

Path of Least Resistance! BTCUSD

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC has been in accumulation phase sense march of 2018 when btc hit 6k for the 1st time. BTC has broken out of 3 down trend channels over time and is having smaller and smaller downtrend angles as time goes on. On the upside BTC sense march has seen a peak of 12k and rejection at lower and lower price points all the way down to 8k at the last rejection point which formed the last downtred angle. In my opinion we could see another attempt to break resistance and i expect hard rejection if not at 6600 6800 or max 7500 area. When this happens i could see the previouis downtrend angle being used as a support or possibly even broken. Leading to a parabolic lose which is exactly what BTC needs to really jumpstart the bull run. Let me know your thoughts thanks.
what is the significance of the 5k region? seems like there is a lot of algo confluence around the 3.5K range. I see the spike that was rejected at 5K on 9/2/17, is that what you're basing that target on?
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@BMLemon, the range is 4800 to 5200 hence why 5k is the median price. In my opinion this is the strongest support point that if we break this range we could easily see 3.5 to 4.2k range.
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lol, I just mentioned everything you wrote here, including similar chart. good job, I've been on board for a while, now lets wait for the quick pump to 6800, then a fakeout to 7k+ then dumpy dump sub 5K. I mean how many times can you test the same support and think your going to get the same result...

Good TA, nice and simple bu to the point!
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StefanCaster XCryptonacciX
@XCryptonacciX, thanks i appreciate the kind words .
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