lucamodena
Short

Bitcoin. Correction is not over part 2

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi All,

I think that my first idea that I posted on Bitcoin             is still in play. The correction is not over and we are probably going to retest the 6000 - 6500 $ area - which converges with the 78.6% Fibo retracement level and the ascending major trendline .

The daily RSI gives plenty of space for a further dropdown.

What is more it looks like in the last weeks we have formed a double-top at 11500 $ area. Normally when we take the bottom of the double-top formation to the very top of it we obtain the distance which we can project from the bottom of the double-top to the downside (Green line). This seems to be pointing at 6800 $ price level.

Last but not least, for the past couple of days the price action have been playing with the 200 MA. It sticked to it and didn't produce a bounce-off. This in my opinion is a very weak sign usually observed before a breakdown of such a support level .

All the best!

Trade closed: target reached: BANG! successful trade.
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