pragmaticbestfit
Short

Short term BTC 4h chart

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I have changed this chart from neutral to short. Imo this chart looks like the downside is slightly more likely. One reason I have this bias is that even if we bounce on the bottom of the big blue triangle the chart have some maybe strong resistance by a confluence area (purple descending channel , 50w MA and bottom of green long term channel) around June 2. at 75-7600.
Comment: Resistance area around 7600 also aligns with 61.81% Fibonacci retracement level (from ATH) just above 7600.

Comments

Purple outer channel vs blue inner channel? Which is more valid?

Not sure I will have enough views (at all) for this comment poll to work. But I am trying to learn/improve a bit here so if you care to participate please vote below by liking the "purple channel" reply or the "blue channel" reply. Thx.
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pragmaticbestfit pragmaticbestfit
@pragmaticbestfit, purple channel
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pragmaticbestfit pragmaticbestfit
@pragmaticbestfit, blue channel
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