162Trading
Long

How we plan for the future. Bitcoin Analysis 6-29-2018

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We're currently up over 13% on our last short trade, and we're looking to close it out soon to lock in some gains.

Heres our analysis for the week!

TLDR:
Last major correction like the market is experiencing now sent bitcoin down 86% from its ATH at the time.
We believe anything under 2,700 should send the market to 1,000 levels.
CME will look to delist bitcoin futures if the market cap drops below 100B. It is currently 101B at the time of writing.

Looking for signs of reversal around 3 year bullish trend bitcoin has maintained. Anything below invalidates the trend and then we'll look for signs of reversal around the 2,700~ levels.
We're at an extremely important level where if the price of bitcoin drops us any lower (5860) it will send the whole cryptocurrency market tumbling.
The trade of the decade may be within reach. Looking to enter on a clear reversal of trend!

We're going to sit on the sidelines and keep watching the movement.
Have a great weekend everyone!!

Previous Week

How risk management can help your trading

Comments

Well done
+1 Reply
162Trading RaoulHayes
@RaoulHayes, Thanks!
Reply
nice
+1 Reply
162Trading Doc-al-Citadel
@qdoc, Always appreciate the support :)
Reply
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