Bitcoin firmly rejected above the neckline

in #bitcoin7 years ago (edited)

BTCUSD has been firmly rejected above the neckline, with pair failing to notch the close late on Monday and moving violently lower Tuesday:

Though this could just be weak hands getting shaken out before lift-off, that daily candle does not look very nice at all, and I see significant risk of a flat correction to 9200. I have been trailed out on half of my longs and taken profit on the rest of them in line with this view.

Initial support is yesterday's low at 10567, with a breach of there targeting the (broken) falling trend-line from December below 10000 (dashed line). That would be a nice trigger for a reversal, though my gut is telling me flat to 9200 is more likely.

Alternatively, this could just be a shake out and a 4 hour close back above 11000 would bring the neckline back into focus.

I do not see a long trade right now and I avoid shorting BTC, so I'm staying flat.

Sort:  

I agree...looks like some sideways consolidation for the near future. Gonna have to wait for that big breakout.

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvote this reply.

according to you when it will touch $20000/- again

That's a great catch @bulleth. I see as long as daily we move ahead a little bit any where in the middle, those are good days. Even if the day ends up in loss, we see a little want of spike in the charts. With this pattern, what do you think how BTC will hold against USD by the end of March? I am a little stuck right now as I want to shift funds only when they are profitable.

Thanks for clearing today's confusion. I guess I just need to wait for BTC to slowly move up. And once it's back on track, like, above 15000 then I will start trading them for other coins. That would be one strategy I could think of right now.

Man this is being a long, long bearish market!! Can't wait for this to end lol. Apparently there were so many "bullish wicks" according to so many "experts" but we're still stuck where we were a month ago. Everything else is taking a hit for this prolonged correction.

That dip is beautiful! I think it will go down a little but will go up again.

Very nice post...Support you!

Grrat submisson i like your post

Hi. I liked your post, keep it up. I wish you good luck and have a good day. :)

Price broke 4 hr trend line. Must hold daily trend line, if not buy on the pull back between $8400 and $9400.

Coin Marketplace

STEEM 0.18
TRX 0.16
JST 0.029
BTC 75902.83
ETH 2895.60
USDT 1.00
SBD 2.58