Cryptolomist

Le Resistance Downtrend & MA21

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
It seems like, where we have broken through the daily MA21, we've had a bit of a rally every time before coming back down. At the moment it coincides with a prominent downtrend line. Should we break through both of these resistances, we may be in for a bit of rally to the next fib level (~6540) and subsequent fib resistance line combinations (~6750 through ~6800). Should we fail to break this level, a short may be in order.
Comment: This played out and allowed for some long trading up to the anticipated levels. Following the recent plummt, right now the daily MA21 is back in play, providing resistance. Referring to the following link, should we break out of the green box, we'd need to find support above the pink box before I'd consider taking up any positions:

Comments

Nice chart, thanks for sharing. I have a similar view. Good luck trading.

4HR Chart:


Weekly:

Reply
@tuamen, thanks and to you. Happy to be above the daily MA21 at the moment, optimistically awaiting the close.
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