naxus28

Possible BTC breakout but we are not totally on the clear yet

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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After bottoming at around $ 7,300 BTC saw a strong reversal after a doji on the 1hr chart, which roughly coincided with the news that Bank of England Governor Mark Carney affirmed in a letter to the members of G20 that cryptocurrencies do not pose a risk to world economics. That piece of news was probably the catalyst to the reversal.

After having made an incredible move from around $7,400 to $8,400 in the short span of about 5hrs, BTC is sitting at around $8,200 at the time of this writing.

As you can see on the chart, BTC has pierced the top like of the falling wedge (when it reached the $8,400), but failed to stay above. Additionally, you can see resistance BTC is trying to move above the $8,300 resistance that has developed over the past few days.

Lastly, you can see that in case bitcoin fails to move up, there is an imminent possibility of a death cross coming up on the next 3-5 days, which would be en extremely bearish indicator.

If you are going long here, I think it is a good idea to put a stop loss just below the resistance of $7,800 because BTC may not be totally on the clear just yet.


***This is just my opinion, not financial advise. Please do your own research before buying or selling your coins/tokens***
Mar 18
Comment: Update:
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