BTC hit bottom of channel at 10,488 which provided great support. Looks to continue upwards now to previous targets of 12,927 and 17,146 via the slower moving upward trending GREEN CHANNEL
Because this occurred more rapidly than expected, I the probability of hitting my earlier predicted BUY TARGET of $9,800 becomes less likely. I chose to buy here instead.
Best of luck traders!!!
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$9800 was nearly touched yesterday. Looks like we're forming a bear flag now. Be prepared to touch our daily 200ma at @$9000.
Thanks for sharing. Lets hope selloff is over and Btc can outperform stocks heavily. I m still a bit worried about correlation with Gold. How do you see that? Cheers!
stewdamus
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@Tradermariano, I don't see any divergence that causes me concerns here. Looks to be tightly correlated, which is what we should expect and has a directly inverse relationship to the U.S. Dollar.
Tradermariano
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@phil.steuerwald, 10.5 support still doesn't appear really safe, Imo Btc should have bounced up stronger no?
stewdamus
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@Tradermariano mmm, maybe. But it correlates to the market as well. And huge sell off today. Also, I originally expected $9800 before a reversal. Could still get there. I was just playing my buy in card early. Don't want to miss the take off.
Tradermariano
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@phil.steuerwald, Imo it was the last step to liquidate Long Positions, especially on Altcoins. Some dumped really hard, just see Swipe. Market is still to easy to manipulate
stewdamus
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@Tradermariano, I agree that the market is easy to manipulate. I still think the bulls go long one more time to 13K or even possibly 17k before the U.S. election. We'll see.