BarclayJames

Potential Bearish Bitcoin Scenario

BITTREX:BTCUSDT   Bitcoin / Tether
Looks like the price is being rejected at the descending resistance. This happened before and led to a move downwards followed by a sideways break of the resistance. This could see us move to the top of the channel. Failure here would see us retest 6000 and ultimately lower if a bounce does not happen.

Note: This scenario depends on price closing below the downward resistance. I have already cashed out my trading position today.
Comment: BREAKOUT
Comment: ... or fake breakout?
Comment: BTC is stuck in a rising wedge and facing a lot of resistance. I'd say wait before buying :)
if it breaksout well okay, if it falls then look for a bounce on the pitchfork lines

Comment: more indications that this is fake breakout
Comment: We're testing that heavy resistance zone again. It's possible we will break out. I'v been expecting it at some point, but I don't think this means the correction if over.
reverse head and shoulders if we break 9k neckline.

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BarclayJames Mikelikescrypto
@Mikelikescrypto, definitely possible. There are a lot of mixed signals. The reason I'm not expecting a breakout is the heavy resistance and imo the alts look like they're about to go down again.
+1 Reply
I think well hit 9.5k and bounce maybe to 8.6k, and or goto 10k bounce to 9.5 or 8.6k, then on to 11.5-12.5k Bounce to 10k or break to 13.8k after 13.8k a big break and won't return... So it will range for a week probably.
Reply
BarclayJames Mikelikescrypto
@Mikelikescrypto, Yes, I see a lot of potential for trades here :)
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5k imho
Reply
@qdoc, Could be. I'm leaning towards this idea too. I think we need some strong upward momentum and the rising support lines at 5k would do.
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qdoc BarclayJames
@BarclayJames, see what happens bro...
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