POLONIEX:BTCUSDT   Bitcoin / Tether USD
Look at that retracement! Bitcoin has sold off over 25% from its all time high at $19,900. The market is still bearish , but it is quickly approaching support that may reverse it.

Buy orders can be placed at 13,300-13,500 where the two month trendline will provide support. The next support is at 12,700. Watch for reversal signals in price, indicators ( RSI , Stoch , MACD , etc), and look for a volume spike. I will post updates as we near the target.
Comment:
Fibonacci retracement of run from swing low at 2900 to ath shows support at 13,380.
Trade active: Price reached 13k level on several exchanges, 12.8k on GDAX. Opening long trade.
Comment:
Trend line and fibonacci line tapped. RSI support line tapped on 4 hr chart. Volume spike suggests that Bitcoin has put in a bottom. Waiting for reversal signal confirmation from MACD and RSI
Comment: RSI and MACD confirm upward movement and show bullish divergence on the 30 and 60 minute charts.
Comment: Trend line broken. Additional targets are at 10,000 and 8,000.

Comments

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