a_z_91

Critical point (Trend Reversal vs Continuation)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
With 5900 acting as a support, on the daily chart on the 22/6/2018 the large bald red candle formed a start of a Bullish Harami. This can be a sign of a reversal, only if the daily candle in the uptrends close above 50% of the 22/6 candle, that is around 6370 USD. The 6370 will act as a resistance but once it is broken we're looking at a possible reversal and the next resistance level will be at about 7560 USD (Fib 0.618 + Resistance ).

The second scenario ( Bearish ): if we and begin a downtrend from 6370 which means a continuation of the downward channel -> we could be heading down towards 4300 USD support level (Fib 0.786).

Comments

A little knowledge is a dangerous thing. Candlestick always works after a Trend.
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a_z_91 CodeViser
@CodeViser, thanks for your comment, what do you mean?
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second scenario imo. nice chart, cheers mate
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a_z_91 simulacra1990
@simulacra1990, Thanks! I think it will all depend on the next couple of hours. Volume on CMC is steadily increasing as well.
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