There is a head and shoulders showing on the daily for ETCUSD, implying a proceeding bearish reversal.
If you have followed any of my other posts, you will know I believe it is important to consider bitcoins trend when performing TA on cryptocurrencies (Particularly in a bear market like we are now).
BTCUSD has been failing to get past the 1.618 fib I have drawn on the high timeframes. We can see a few fake outs just before price has been pulled back behind the level. I believe BTCUSD will fail this area an fall to 1.414, and eventually the 1 to complete the bear market (Not the point of this trade however).
Also I choose personally to trade in ETCUSD or another coin besides bitcoin on these moves as I find the overall % profit is much higher! A fall of 5% in bitcoin could be 15-20% for ETCUSD - an this is without margin!
If you have followed any of my other posts, you will know I believe it is important to consider bitcoins trend when performing TA on cryptocurrencies (Particularly in a bear market like we are now).
BTCUSD has been failing to get past the 1.618 fib I have drawn on the high timeframes. We can see a few fake outs just before price has been pulled back behind the level. I believe BTCUSD will fail this area an fall to 1.414, and eventually the 1 to complete the bear market (Not the point of this trade however).
Also I choose personally to trade in ETCUSD or another coin besides bitcoin on these moves as I find the overall % profit is much higher! A fall of 5% in bitcoin could be 15-20% for ETCUSD - an this is without margin!
Trade closed: stop reached:
BTC has broke the 1.618 - This could be a early call. But better to stay safe.
A decision is going to be made very soon for BTC as we see the bands tighten and price start trading sideways.