Bitcoin tries to break 2900.00 resistance level. We can see the 2nd attempt to pass through this level. But bearish candles show that the market is going to bounce from the resistance level. RSI confirms price reversal. Also we have to pay attention to possible double top chat pattern. It's a reversal chat patten which gives additional confirmation for possible downward movement. We should expect that the market drops to one of the uptrend lines. These lines will be good for buying. But don't forget that long trades must be opened only based on confirmed reversal signals. If the market passes trhough the uptrend line 3, the next reversal zones will be near 2400.00 and 2200.00 support levels. These levels also will be good for new buying.
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Price broke the uptrend line 1. The next reversal zone will be near the uptrend line 2 and 2600.00 support level.
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Price broke the uptrend line 2. Probably we'll see a short term downward movement to 2600.00 support level. If price returns above the uptrend line 2, it will be a signal confirming a further upward movement.
Hello @DLavrov . I think if you want to point out double top or double bottom you should use BB for a better result.
HondaJr
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Thank you for the chart.
drgorogbalazs
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This looks close to uptrend Line 2. If I set 4 days Fibonacci on Poloniex candlesticks are just under 61.8. I am really curious what will actually happen.
sandrodz
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it broke uptrend, but almost on it.
ehsan9
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its too slow I gree with you
alpakal
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Right on the spot, again! Keep it up, you're great.
Mohanrajcs55
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Thanks for the update Lavrov. Keep on watching your space.! :)
HondaJr
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Hi, right now, trendline 1 is broken. Is it likely to come down to trend line 2 rather than come back up to trend line 1?
mararn1618
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Just curious: Why BTC/USDT and not BTC/USD? I've noticed that trendlines on USDT seem more reliable.
guppy_
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@mararn1618, Poloniex doesn't offer a pairing for BTC/USD; they only offer BTC/USDT. Many of the US-based exchanges don't support USD because of the vast amount of red tape required due to regulations, money transmission licensing, etc.