cheesetoast
Short

Further downside for Bitcoin expected

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Further to my previous post titled "SEEYA BITCOIN" (link below), the head and shoulders pattern has successfully reached our profit target.

So where to now?

It is my opinion that we are to see further downside. The momentum has clearly shifted and the last of the bulls are hanging on, only to be crushed each time. The last stand for Bitcoin is now. Unless there is a super bullish candle with a spike in volume , we can expect Bitcoin to reach lows near the $5,000.

We can see on the chart now that Bitcoin is forming an ascending channel . Do not be fooled. This pattern should not to be taken as a new bull trend. It appears to be a correction only - until proven otherwise!

Should this channel break, this is the time to add to short positions. A projected interim profit area is shown near $6,745.

Please give this trade idea a THUMBS UP and I will keep you updated!

Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Trade active: Looks like Bitcoin broke the channel at the time of writing.
Trade active: Current testing the trendline which is acting as resistance, with the key $7,000 level. Will need a decent push to overcome this level. Short is favored now.
Trade active: Oh nice little suckers rally. Failed to make a new high and break the $7,000 resistance level. Looking good. As usual, keep a stop in place in case there is some catalyst that moves the market.
Trade closed: target reached: Trade complete. Target reached. Bitcoin has now breached a key level and will be looking for further bearish setups in the crypto space.
All you need to know about Bitcoin:

95% accuracy thus far. Stop buying the dips.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out