And this is an idea, not an advice !
BTCUSDT Bittrex, Daily candle
Data to look at: pink lines + yellow line + Fib retracement from June 2017 + indicators.
BTC is falling since it's ATH from 18th december (19'900 $), following first a possible symmetrical triangle initiated in 22th december.
But looks like today's news from China have broken the resistance line of this triangle.
- 7 is crossing down 20 ; both are still far from 70, that would then be a test zone to follow for possible trend reversal, if reached ; both indicates still active ;
- is still in downtrend, with still power to loose ;
- may show a possible trend reversal, but this indicator is quiet sensistive I think, so it can easily moves ;
- indicates continuation of current movement ;
- is low, and can still decrease before entering oversold zone ;
- Volumes OBV have been kept constant since the beginning of the triangle initiation.
I think bears are still active, targeting the following resistances :
1. 10'800 $ as begining of the broken triangle from 12th ;
2. SMMA70, to follow : around 10'800 $ now, slight increase still possible ;
3. Resistance of from 15th september (yellow line) ;
5. 7'700 - 8'400 $ as a fight zone around Fib 1.618 + local previous local high/low + resistance of since 15th september (currently around 5'000 $, follow the line for update).
Lower values would broke this 15th sep channel, next one would be :
6. Around 5'000 $, resistance of from june 17.
A pattern like in candles (saying we are in first), resulting from today's news on regulation (see China and Germany) could bring us to target 3 - channel 15th september, yellow line to follow.
What do you think ?
2. Target 2 reached (error in the previous text, SMMA 70 was 10'000 at the time of writing, not 10'800 $)
Target 3 seems almost inevitable at this point, around 8'500, before hopefully going back to an upward trend and less volatility.
Target 6 around 5'000, things would get pretty ugly and probably very chaotic with fighting between BTC and BCH, or even ETH which has proven itself able to pull off very strong "suck the air out of the room" rallies... Could literrally go anywhere from such a place.
Hodl (and diversify) and see :)