This doesn't look good to me. Something inside me tells me that we didn't saw the bottom yet. BTC isn't able to break resistance at 11800 for the 4th day now. Let's hope that we only got a consolidation period after wich we can go back up but the longer it takes, the more I see BTC going down to the first support.
My possible senario when it's on the way to that level... Real panic will take over and we can face the third BIG sell off on the way to the second support hoping to bounce on the previous trendline. That will give us some real nice entry points ;-) But it doesn't even surprise me when it will breakout above the resistance, starting a new bullish period.
I'm sitting on the sideline right now. Ready to enter the market when the charts give me a better feeling.
I wouldn't recommend you to follow my ideas. This is only how I see the market. Always make your own trading plans!
Greets and happy trading...
My possible senario when it's on the way to that level... Real panic will take over and we can face the third BIG sell off on the way to the second support hoping to bounce on the previous trendline. That will give us some real nice entry points ;-) But it doesn't even surprise me when it will breakout above the resistance, starting a new bullish period.
I'm sitting on the sideline right now. Ready to enter the market when the charts give me a better feeling.
I wouldn't recommend you to follow my ideas. This is only how I see the market. Always make your own trading plans!
Greets and happy trading...
Comment:
Like I said... I would not be surprised if it will be able to break the resistance at 11800. A day trader could have made some money rigth now but I'm still out. My first little positive sign would be a test and hold of this "new support".
Comment:
It also pierced the next trendline (down). This might be an opportunity to make some profit the upcoming days. I'll checkout the charts tomorrow to find out if this break is confirmed by another candle. If it holds, it will most likely go to the 15000 region. When it is able to break out of the bigger downtrend channel, 17000 will be the next resistance.
Comment:
Just like we can have a fake brakeout (upthrust), we can have a fake breakdown (spring). But since we are still in a bearish market, we have to take care. And I still think we are going to the first support around 8000. On the other side... if it bounces off of the 11800 level we can still see it going to the 15000 region where it can either breakout or go down to the first support.