walkerjitzu

BTC is climbing up, but fractal shows possible drop to $6800

Short
GEMINI:BTCUSD   Bitcoin / U.S. Dollar
The recent upward movement seems to be repeating what happened a few weeks ago: especially by looking at RSI is noticeable how both times it has been climbing up in an upward channel - and last time it broke down of it, the price also broke down the ascending channel to find a higher low. It seems that we are in the exact same situation, and that we may find support at $7000 but most likely lower, at $6800, that is also the bottom line of the yellow channel.
Moreover, BTC is currently flirting with 50 MA and it seems that it has ran out of fuel.

Mid-term view stays as stated in previous analysis, with main target at $8000 but possibly higher, $8500. This is still just a bear market rally that could end in a very nasty way.
Trade closed manually: BTC broke down the line that i described dropping until $7100, only to jump back up to $7300 a few moments later. It was probably a stop hunt move which signals that we are likely to be about to move higher.
Also, major stocks (dow, s&p 500) are moving higher significantly so Bitcoin could follow soon.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out