2 Current Possibilities for Bitcoin

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin tends to follow triangles accurately, especially an Ascending triangle .
Keep in mind that it is on the intraday chart which doesn't hold as much strength as the longer time frames.

- Breakout on volume
- Head up to $8.5k / $9k resistance zones

- Breakdown
- Head to $7.5k support
*Could be a healthy throwback, good entry area, or snap resistance
it might go up, or it might go down!
+1 Reply
@glidarn, as always. I like to plan for both and trade like a chess player, rather than try to "predict" the absolute outcome. There are way too many unknown variables in the markets to ever try a) expect an outcome and b) be certain.
CoinDragon CoinDragon
@CoinDragon, Ask yourself, if every single indicator says its going up, and one whale decides to dump the market, or one trader pushes the price a few ticks into a key zone, catalyising a breakdown or breakout (opposite to what you're sure of), what will happen to your trade?
glidarn CoinDragon
@CoinDragon, I did not say that your analysis was wrong - In fact, I am looking at the same thing, thats why I'm in a hedge now. Best of luck to you and happy Saturday-trading!
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