Skl_sgc

Just an idea :/ BTC/USD

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Just wanted to share with you guys my draw
Comment: I will open a short position in case we break the 7500 solidly.
Comment: that scenario would be breaking out once again (orange line, 7700) and testing the 8K but my belief is that we have not tested the bottom of the current trend consistently which is on the red support line (6850-6950). So, unless we see a very strong rally from now on I will still prioritise the scenario in which we retest the red line sooner than later
Comment: This is "unfortunately" working. Hope the support at the ~6850, ~6900 works too
Comment: I'm not trading this right now but got a buy order placed in case we break the channel now. I am not placing any order for buying in case we break the 1500 downwards which is the most likely scenario under my point of view.



Comment: It is testing now the red support trend line. It will probably break it too though.

Comment:

Comments

As we are still inside of the orange downtrend channel, we should still see it as a downtrend until there is a break out confirmation.

Once we break the orange resistance + confirmation of it we can start talking about reversal.


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