erdem.kent040
Short

My very first draft trend

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Disclaimer: I am super new to trading and have seen so many great suggestions so far. As getting more and more familiar with the tools I want to give it a shot myself. Definitely not a financial advice but more-so an idea that I would like to share with you with the hope that you will guide me with recommendations on how to improve my strategy.

After a new low after weeks, we are currently above the 9,600 mark again. the issue I see here is the missing volume . It's not truly convincing and after another unsuccessful attempt to push the price go up, there is a good chance that we will see even lower lows. Unless we break above 10K with a conviction again, within a week, I see a continuing in the downtrend. Happy to hear your thoughts!
Comment: UPDATE: as we broke out of our descending trend line, the next possible target ranges from 10,900 to 11,200 - which will conclude in a massive price fall. to roughly 10,300. - I'm thinking out loud, definitely no financial advice - not even a suggestion :) interested to learn from your comments...cheers!

Comments

I agree with this. In my chart I'm paying attention to the 200 day ma, and the .5 fib retracement level (Dec low to Jun high), both of which line up pretty exact I think we would start an up trend from there. The last 3 year bull run, we never went below this MA. We shall see !
+1 Reply
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