Thank you for the great analysis - I think of exactly the same view. Now the breakout has happened - I am expecting maybe a retrace from resistance around 1360 to new support around 1175 - just as in your idea. Or it is maybe a fakeout and so BTS will return to channel. RSI might concluding to a bearish divergence depending how the price moves in the next hours (it looks as if there is bearish divergence). BTS seems overbought per RSI. I may short a small portion of my BTS bag and buy back lower depending how the price moves at around the new support 1175.
RafeGibbons
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@drgorogbalazs, good idea! I personally think BTS gonna be quite a good coin over the coming months... definitely ready for a new market cycle!
drgorogbalazs
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@RafeGibbons, Thank you - I like BTS too. Greatly competitive block time and their DEX I think is one of the mostly advanced currently. I am not yet using BTS DEX though actively but am seriously thinking to shift some trading portion soon there. In regards to current price - I am still waiting though it is close:-) - I am not sure whether it is not early to short a bit (though close to resistance) - I would really like to make sure that there is a bearish divergence on the 4 H chart. Thanks for the analysis again! Cheers!
drgorogbalazs
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@RafeGibbons, So I am shorting now at 1340. The reason is the huge BTC dip which in case of a quick bounce back may lead to some dip in the BTSBTC cross-price + RSI bearish divergence on 4H + there may be V waves now complete in the short terms starting from below 800 levels. Let's see.
RafeGibbons
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@drgorogbalazs, BTC stopped me out sadly. Might re-enter when markets less volatile.