theCrypster

📉 Bitcoin Heading Down? 👎 How far?

Short
KRAKEN:BTCUSD   Bitcoin / U.S. Dollar
Hey guys - After what seems like an eternity trading sideways (with a few minor swings up and down), at last, we think there may some news, good news if you're a trader too! Possibly not so good if you're Hodling! Looks like BTC may be heading down in the near future.

We've been following a strong line of support all the way up from the lows at $4000 back in March, now our ascending triangle is nearing "pinch" point, so we should be trading in the same direction as the breakout, and we have broken out, it's downward. This may be a classic "fakeout", in which case the price can expected to rise, but as we all know you should never try to catch a falling knife!

Our Crypto Tipster Strategy is showing a Short on BTC daily chart , and after getting chopped out of a few trades recently (which is unlike our Tipster!) it's now time to catch a big swing! As you can see from previous support and resistance levels there's quite a large area that could get filled sometime soon!

Possible lows ranging from $8700 all the way down to $6500! This is a huuuge movement from where we currently are, there's been cries of "above $10k" for some time now, if that's the general sentiment it's clear the majority of traders would be Long right now - remember the most important rule of trading? Do what others don't do! We're Short, and think you should be too!

Time will of course tell :)

theCrypster


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