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Juandisimo
Aug 10, 2019 6:49 PM

BTC Triangle  Short

COINBASE:BTCUSD1D
Bitcoin / United States DollarCoinbase

Description

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Bitcoin failed to sustain support at the 0.50 Fib level after it rose & tested the 0.618 fib line

However, we are still above the 20, 50, 100, & 200 EMA on the Daily Chart

I believe Bitcoin will retrace back within the triangle and first test support at the 0.382 Fib line ( or 20 EMA)

If that support is broken, expect a downwards movement towards the 0.236 Fib line and so forth.

The worst that can happen is a retracement/correction back towards the 9500 dollar region (or 0.618 Fib)
Support and ResistanceFibonacciTrend LinesBitcoin (Cryptocurrency)bitcoinpricebitcoinusdbitcointradingBTCUSDBTCbtcusdlongbtcusdshortCryptocurrency
Comments
Cryptocomma
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Speaking for my long term bags..I’m hoping this triangle does playout. Although it doesn’t look anywhere near as clean as the one following the parabola that kicked of the last bull market
Juandisimo
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@Cryptocomma, overall the market is looking bullish imo, just small corrections which gives us time to accumulate at a cheaper price!
Bullandbeartrading
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I like your FIB placement buddy.
Juandisimo
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@Bullandbeartrading, Thank you!
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