The market reached 4000.00 resistance level and SMA100. This zone is very important because if the price can move above this resistance zone , we'll have good confirmation of further upward movement. We can spot a flag pattern which belongs to a group of trend continuation chart patterns. We can expect that the price breaks the resistance line of the flag and move to 4500.00 level. But at the same time we must be ready to see downward movement. MACD shows that the market can move lower in short term. If the price drops below the support line of the flag, it will be confirmation of downward movement to 3000.00 support level . If the market drop to this zone, it will be good opportunity to add more volume to long positions. In long term Bitcoin             is bullish market.
Comment: Watch for price action at 3600.00-3500.00 zone. If the market can break it, we'll see further downward movement to 3000.00 level.
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Any update on your analysis here? Since it moved below the flag, do you still feel it will move to 3000? Or since it moved above the red line, does that cancel out the potential flag to downward movement? Your thoughts?
Thank you for your update...
+1 Reply
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@DLavrov How far bellow 3500 should it go before we can say that it's confirmed that it has broken the support at 3500?And in a more general fashion, if we need to break through a strong support, when can we say that it has clearly broken the support vs an unsuccessful attempt to break the support that most likely can bounce back up ?
I feel like there is a lot of denial in the market right now, and that it will continue for some time.
+4 Reply

Does anyone else see the falling wedge? I am ignoring the FUD sell that was rejected by the market straight away!
pager30 nagarjunroy
@nagarjunroy, I'm a noob...but very interesting point to ignore the FUD...I too thought it was irrelevant only cuz the price rebounded without positive influence.
@pager30, Thanks. Just a thought. Will see how it plays out for next couple of days.
pager30 nagarjunroy
@nagarjunroy, so please correct me if I misunderstand wedge patterns...in your theory, the "bottom" would be above 3000...but if the fud were factored in the wedge wld decline with a wider "mouth" indicating possible lower retracement sub 3k?

Though I can not point out technical, I feel that this wont break 3k before an uptrend...likely to be brought down by more fud as we near next hardfork debate...seems market forces love the volatility and the gap swings are so lucrative in of themselves. I realize this doesn't make sound market and it give credence to the naysayers, but in my short time in this space I find it extremely difficult to get my head around market sentiment.

For record I am holdin a short.
@pager30, According to my noobish prediction the lowest it will go is 3200-3250 level before it starts to go up again. I myself would be buying back at 3300 level when it starts to dip again. That would be my plan. I never short btc so I cannot tell you what to do.
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