MarcPMarkets

BTCUSD: Bearish Trend Line Encourages Test Of Low 7Ks.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD update: Price action is some what quiet near the most recent peak. There is an inside bar now present on this time frame which can turn into a sell signal quickly. As I wrote in my report on S.C. earlier today, the bearish trend line is still in effect.

Lower highs often lead to lower lows. This market is in a tricky area. If buyers hold up, price can produce a shallow higher low and squeeze higher and break the bearish trend line .

If price takes out the 7413 inside bar low, that can invite further bearish momentum which can take price back to the low 7Ks. Based on the technical structures in place, it appears price is more likely to lean more toward the bearish side on the short term.

I am all for being bullish , but two things need to happen in order to prove this market is in a sustained rally. First, the trend line needs to be cleared. Second, the 8185 resistance level needs to be taken out. This is the .382 of the recent bearish structure.

Keep in mind price can go as low as 6904 which is the reversal zone boundary and still be in a position to reverse sharply. It is a matter of waiting for the price action to confirm.

In my earlier report on S.C., I also compare inventory building with swing trading. If this market pushes the 7K low, there will be an opportunity for both types of strategies.

In summary, at this point I am just waiting for the next swing trade while accumulating other coins for long term inventory. S.C. is where I will share the next trade idea for this market.
Comment: BTCUSD update: When markets are slow and hesitant like this one is at the moment, the best thing to do is wait for a high probability area. At the moment, the only area I can see is the low 7Ks to 6900. It is very possible that a higher low formation appears, but there is no clear advantage to taking any swing trades in this environment.

Remember, flat is a position.
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Comments

I agree with your latest update, thanks once again :) I always make sure to come to your page to see what you have to say because your insights are very helpful and concise
+2 Reply
Binzaydan Asma7assan
@Asma7assan, So clam, no bull!@#$ or long stories. Short, sweet and to the point. Amazing analyst. Thank you
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great i like it when you comment quick short simple ones, thanks. keep them updates coming for btc
+1 Reply

Reverse Head and Shoulders with 550 points upside if completed - otherwise big fail/reversal point - key price point today
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Thanks for your ideas. Please see my idea on the longer term cycles of Bitcoin

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Thank you Marc... great analysis.
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I have seen Marc's predictions from two months earlier, fruition right on time.

On the humorous side, though with some truth embedded, I have a support theory that is completely different than Marc's.. but supports his direction nonetheless.

No tomato throwing, okay?

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thanks Marc!
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Hey,very nice idea! We also think that BTC/USD has room to decline even lowerthan 7k, but in midterm, naturally.
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