We all know that BTC has formed an up-trend. However, recently Bitcoin just broke through the major resistance ($8500), exactly from this resistance the market started dumping to $3000 in the 2018 year. This fact makes BTC growing twice stronger.
The next closest resistance is located in the zone $9300 - $9400. Moreover, at the 1D chart, RSI has formed a divergence. By the way, Stoch. RSI just came out from the oversold zone, so RSI still has time to form a third top from the resistance (as mentioned on the chart), either it will be a simple double top which is divergence too. The closest support zone is located in the zone $8200 - $8500, there you can confidently open a LONG position.
In case 1-5-ABC pattern will work out, the price will form a H&S pattern that will BTC dump lower to $6000 levels.
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In order to trigger stop losses, close the gap and draw fake breakout, this movement is quite possible. This will be the fuel for the 10k ride.
"The closest support zone is located in the zone $8200 - $8500, there you can confidently open a LONG position." - well, what if BTC decides to touch the channel support at $7700 - 7800? Or maybe even longs squeeze till the $7250 support?
BillCharison
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@Monopoliqa, I see it as a good opportunity for SHORT position
photinoman
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@Monopoliqa, don't follow the crowd, otherwise you will get BitMexed.
SpartaBTC
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BTC fractal May-June 2018 and the situation is now.
In favor of the fall:
1) The growth of the market without corrections is observed since February.
2) 4 green candles in a row on the monthly chart.
3) Two unclosed gaps on SME
4) Futures expiration on May 31st.
5) RSI shows a bearish divergence.
tommyf1001
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Andrewmycomp
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Looks quite real, everything, but not the H&S. It would be too simple.
weslad
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what the future hold for Bitcoin, the answer is here on this detailed BTC market post.
MichaelEssing
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Thanks for your work! If BTC trades between $8200 and $9400, alts will grow back, won't they? That's a question that bothers me...
LittyKimmy
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@MichaelEssing, In case BTC trades in a relatively tight corridor (flat/consolidation), altcoins always gain volumes.