About meMember of Society of Technical Analysts, graduated with distinction pass.
I trade adaptive open range breakouts on major currency pairs and equity indices; I travel a lot, so trade remotely, and the markets I trade is determined by the timezone I am in.
We've found our way down to this long term trend line (stretching from mid July). Can we close above it? Or will the Tether / Bitfinex news send us lower?
If lower, then next targets are the monthly pivot lines at 8950, and the 61.8% fib level / previous resistance at around 8500.
Overall not a great picture at present for bitcoin. We are seeing a retracement from the December 16th high of 19187.78
NOTE: I have started measuring trendlines, fib levels, highs, lows, etc from close prices rather than the high or low. Crypto has been such a volatile market, and there are often price discrepancies between exchanges, so I feel that the daily...
Yesterday saw a strong close below the 50 day moving average, the monthly pivot line, and the low of the previous day. This also confirmed a break of the recent trend line. All bearish signals.
The next hope for the bulls is that the 50% fibonacci level holds at around 12650, and we see a reversal from here.
We are seeing an upturn in the stochastics, which would...
Today is key.
A strong close below the 50 day moving average will also be a close below recent trendline and a bearish signal. We could then see a move down to the 100 day moving average, which would coincide with the psychological level of 10k.
However, a close today above the opening price of 14481 would show a rejection of the 50 day moving average, a...