The_Greek_Trader

THE BEAST HAS AWAKEN OR NOT?BUYERS BE CAREFUL!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello there traders,i wish you are having a great trading week so far!
Everyone notice the big move of Bitcoin today nearly up 15% from the previous levels.
The questions is this move is a trend-reversal or not?Is it a news-driven move?Or it is a buying exhaustion move?

FUNDAMENTAL-NEWS RELATED
Looking this move from a fundamental point of view we had a rumor that George Soros and some other power billionaires started buying cryptos and especially the king of cryptos, Bitcoin .So if we can relate this move to this rumor we must be careful beacause we know that the news-driven moves are easily reversing the next days.

TECHNICAL OBSERVATIONS
1.We can see the downtrend channel that it is still NOT has broken!
2. RSI is at critical 50 level which implies that momentum is currently neutral and NOT reversed!
3. Ichimoku clouds are above price levels showing that ternd reversal is still NOT established!

Dear traders as you understood so far i have to emphasize that a long trade is NOT yet something that you can look for,as fundamentals and technicals observations are still incomplete!

POSSIBLE TRADES
LONG TRADE
ENTRY AFTER TRENDLINE IS BROKEN AND RETEST NEAR AT 7.990$
STOP LOSS AT 7000$
TARGET 1 AT 9.800$

SHORT TRADE
ENTRY AT 6.950$
BUY STOP AT 7.900$
TARGET 1 AT 5.200$

THANK YOU ALL FOR SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!
DON'T HESITATE TO LEAVE A COMMENT OR A QUESTION!
HAPPY TRADING!!

Trade active: If this re-test of the descendinf trendline holds we have a long trade active!
Trade closed: target reached

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