BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Hey guys, Bitcoin is at a very interesting point now. We have two options from here on. Remember that we are still in the correction, that means that there is still more potential to downside then to the upside. The first option is very clearly to see for everybody. We have that nice, big inverted SHS formation. If we see prices over 6830 USD, there is a high probability to rise to point C, the old trendline . The red zone is marked as a broken support, now it is a resistance. Everey upmove is a correction until we break 10.000 USD! From point C on, we have to look what will happen. I will update this.
The second option is, that we built a bearflag and go down without that inverted SHS pattern. So let´s see what will happen and good luck.
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Comment: like expectet, we are at point c now. from here on we have to look what will happen, that is no good opportunity to do anything. stay away!! We are now in a heavy resistance area. Fibo, trendline and further resistance. If we break this marked area sustainable to the upside, it could be that we saw the lowest low this year. Then we can look for entries long. The other option is, that we cool down here and go downwards, because the abc correction is finished. My personal opinion is, that there is still very much fomo in the market. In reason of that it could be a fake break out, to wash all these people. Good luck!
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