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RickRolled
Jan 29, 2018 8:57 AM

BTC head and shoulders short to re-test lower channel Short

BITFINEX:BTCUSD60
Bitcoin / DollarBitfinex

Description

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Potential head and shoulders short to re-test lower channel.

Let's see if BTCUSD breaks lower here to continue the H&S pattern. The lower wedge trend line sits at around $10,700.

Note we really need to re-test the wedge breakout to confirm a healthy uptrend anyway!

If the lower channel breaks, we are headed to re-test the 10k tether support fund, followed by the 9k long term trending support.
Trend AnalysisChart PatternsBTCUSDBitcoin (Cryptocurrency)Cryptocurrency
Comments
siwe7
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What do you mean by the "10k tether support fund"?
RickRolled
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@siwe7, lately when price reaches 10k, tether begin printing money out of thin air. Then price rises. So 10k is quite a strong wall, due to huge tether investment.
siwe7
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@RickRolled, okay, so you were serious :D
well... if that "support" comes from tether, we all should ask ourselves, what happens if this support is gone...
RickRolled
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@siwe7, exactly! ;)
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