BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC             , did not as expected by many. Had the power to push thru the $11,700 resistance level . We are in a correction period now. Which combined with the lower volume and break of the recent uptrend/ Bullish movements tells us we could see a 78.2 retrace @ $9950 area. That would be a lovely zone to hold..., Its a intersect point of minor trendlines , Downchannel bounce and fib extension 78.2. The stronger support at $9300 could be a double bottom area. I believe we are still in a bullish move as long as we can stay above max $9300 dollars. There are minor support levels in between @ $10.450 and $10250..., these are points of interest. If we fall below $9300 we could see some Fud and radical price movements back towards the $8450 and or $ $7250 area. Goodluck
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Comment:
Comment: Sorry I meant to show this 38.2 retrace
Comment: on 15 min possible double top forming.
Comment: touch channel
Comment: BTC fell to one of its support levels last night. We just formed a double bottom on smaller timeframe. For me this is a crucial area to hold. A daily close above 8750 area would be a good sign for the bulls
Comment: I was away for the weekend. BTC tried to push the 10k resistance level. At the same time that was 38.2 retrace of the swing low and the 200MA. The support zone @ $8400 was reached. Now we can see the market fighting between bull and bear. There are both bearish and bullish signs on the horizon. We are on count 8 on the TD daily. The daily candle seems to be working towards closing with the body in the middle which shows indecision in the market ( the day hasn't finished so can change). We bounced off the 6k uptrend line. And have a double bottom on 1hr. The bearish scenario is fueled by the lack of strength the bulls showed trying to push the 10k resistance line, followed by a 78.2 retrace. An ascending triangle could be forming on the lower timeframe.
Comment: Second support target hit.
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