CommoditiesTrader

BTC/USD Breaks Descending Channel, Price Action Weak

BITSTAMP:BTCUSD   Bitcoin / Dollar
Bitcoin traded through the descending channel, which was completed on the selling purge through $280. Although the spike created large positive volume , price action outside the channel remains weak. This is likely to to a "buy on the dip, sell on the rip."

Price action is thought to remain between a larger sideways zone between support of $357.21 and resistance $414.64. There are smaller levels within, but due the thinly traded market are not see as too significant.

Price action could be rejected off of the descending trend line, pushing prices back into the channel and, ultimately, to the larger support zone. A break higher, and a close above the 50-day EMA, would signal a move higher to $438.16.

As always, BTC/USD is neutral with no underlying bias. Targets are simply based on technicals.
ChartArt
2 years ago
Thanks for sharing your analysis. It seems the DMI is having the bearish cross very soon. Maybe today or tomorrow:

snapshot
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ChartArt ChartArt
2 years ago
I found the same idea here:

Prepare to be wedged!

Prepare to be wedged!
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CommoditiesTrader ChartArt
2 years ago
True, I think $400-10 looks like it could be tough to close above
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CommoditiesTrader ChartArt
2 years ago
Thank you! I think if price action remains within the triangle, selling pressure still remains at the forefront. However, with volatility so thin, a pop higher is always likely. Unfortunately, I don't take squeezes into account in trend analysis. It's fun to analyze :D
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