InvestingScope
Short

BTCUSD: Channel Down showing 2800.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The price has been trading within a 1D Channel Down ( MACD = -610.000, Highs/Lows = -810.9370, BBP = -1440.5580) since the massive selling started at 6,300. With the RSI oversold (16.394), the Lower Lows appear to be following a specific pattern. Assuming this will repeat the sequence, the next target is around 2,800.

This comes to confirm the estimated bottom that we calculated some time ago (for reference see: https://www.tradingview.com/chart/BTCUSD...) based on the similarities with the 2014/ 2015 bearish cycle. However, since we have timed the bottom near the end of January, it is possible to see a rebound towards the Sell zone (4,760 - 5,200) and sideways action between that belt and the 3,330 - 3,500 until the final leg near 2,800.




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Bitcoin moved out of the channel. So is your short-position is stop-loss'ed?
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A Small Bounce Will Come to $5800-$6000
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@gencdahi, Thank you for your input. 4750 - 5200 appears to be a strong sell accumulation point though. A rise to 6000 may indicate a bullish reversal on the long term
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New Bitcoin trendline found? Past resistances, become new support.
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InvestingScope PatienceIsParamount
@PatienceIsParamount, It will be very interesting to see how this line develops.
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all bullish signs. no $2800
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We might go down in few hours from now or go with the consolidating mode.
Breaking the resistance in few hours is not easy the bears are too strong.

Buy level at 3550 for greedy or 3400
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@vinzboylarga, So far there is no indication of a bullish reaction. We agree on the consolidation prospect.
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bitcoinwizard1 InvestingScope
@InvestingScope, there are many
+1 Reply
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