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Resistance becomes Support? Or wait for retrace? We have been in the process of forming this symmetrical triangle for almost 3 months now. Many call it a Bear Pennant but according to traditional pennant rules, it can't be longer than ~ 3 weeks. Though this is crypto, but it should be faster moving if you want to use that argument. In either case, I have been tracking this downtrend line since Christmas when we got rejected the first time and it held up again, but this time we broke through it and it seems as though we have gone and tested it for support and it held. I closed my long you can see on the chart (little blue arrows) in a good profit at 3815 (It was a leveraged trade. I am taking all my profit in BTC from 2019 onwards). Normally one would wait for a retracement to the 0.382 or 0.5 Fib lines before entering but I am curious to see how this support holds up. We had a relatively long consolidation the month before, so it is possible for the momentum to continue here. But I am still waiting before entering any leveraged positions. Longs vs. Shorts data has been interesting too. There is a decline in both overall, but the difference between Longs and Shorts have been shrinking in favour of the Short-side. ibb.co What that tells me is there are more people closing their longs than shorts. It also suggests that a decent portion of those not closed yet are underwater and could get stopped out or liquidated in another push up. All will be interesting to watch :D
BITMEX:BTCUSD.P
by Gouws199
BTC Bear Trend ContinuationFollowing my previous chart on the apparent ascending triangle, BTC did indeed break to the downside as anticipated. The triangle's support became resistance with a rejection from the trend line and subsequently seems to be forming a bear flag. The price action also seems to be respecting the Fibonacci levels. Should this trend continue, then I predict that we will continue to see movement to the downside - further supported by copying the flagpole of the bear flag over, which places a target range meeting the 0.786 Fib. With continued engulfing selling volume and resistance from the 50 EMA, I believe the downward trajectory towards the highlighted order block remains a likely scenario.
COINBASE:BTCUSDShort
by Droid_UK
3
BTC/USD - SHORT Has Priority. Detailed Analysis.At the moment the price is located above the support of the big channel and above the support of the tight channel. There is only one question: where the price will be fixed, above the big channel's support or below it (rectangles with green and red arrow). If the price fix inside the big channel (green rectangle) , the next movement would be upward to the gree level. After reaching it, we would be able to think about the further BTC movement. If the price fix below the support (red rectangle) , the next movement would be downward. Target would be the support of the decline channel. In case we break it too - BTC would be able to drop lower to the zone of $3000-$3200 . At the moment , it is worthwhile to put sell orders as high as possible, because now the priority is SHORT . Until we rise above the MM level ($3620), it is not reasonable to consider LONG. I strongly recommend reading the previous idea on ETH/USD. If you like this idea, do not forget to put Like and subscribe to the profile, so as not to miss the update.
BITMEX:XBTShort
by RobertMercer