BTC's Next Step...or Climb...or Tumble

BITTREX:BTCUSDT   Bitcoin / Tether
So, the rising wedge on the upward price movement provided an easy call on the drop to 3500, which was spot on. Things are a little more complicated now. Price has formed a descending triangle and is squeezing at the 3500 support which is very strong with help from the SMA50. Triangle patterns are pretty neutral, so price could break either way. "Generally" a little more credit is give to the slant side, but it's really a toss-up. Based on the strong support at the 3500 zone, I'd have to give the nod to an upward break?... If that occurs, we could see movement up to 3900 range, but will get resistance around 3700 range with help from the SMA100. On the downside of things, a break could run to the 3100 range.
It's important to note the major channel, which is heading downward. Until the resistance of that channel breaks, overall price movement is down.
...but what do I know, I'm just a space suit engineer, not a trader.
Good luck!
Heads it goes up, Tails it goes down ? I flipped tails, down it goes!!
@Miner224121, Thanks for clearing that up for me! That 3500 is pretty strong though...
Good luck!
Miner224121 ripper_the_flipper
@ripper_the_flipper, Yeah but it's easier to hit 3400 than it is to hit 4000 on current order book levels. Patience is the winner of this game I think, I want to find a point to buy in but it's so unpredictable it's better to just wait it out until Monday, I don't think we've seen the complete sell off of Chinese assets so it could very well drop
@Miner224121, I do expect a drop, just not quite yet. I sold around 4200 and bought back at 3050, so sitting tight for now. Will consider selling if it breaks through 3500 support and look for a new entry.
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works 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 Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out