BTCUSD Technical Analysis UPDATE @ $8920 - Feb 9th 2018

in #bitcoin • 7 years ago

Hey all. So, we had a nice push upwards from the last ETH trade off that bullish confirmation after the 23.60% retracement break from the downside. See last post:

https://steemit.com/ethereum/@jagr/eth-usd-technical-analysis-update-usd784-79-feb-8th-2018

Now, I'm looking at BTC and am thinking of scaling down some positions. Not everything, but I'm going to sell some of my ETH into some heavily discounted crypto assets. Stuff that hasn't moved with BTC but has been down since the last large market drawdown. I feel like I can preserve some ETH there while I wait for a potential correction to run its course.

Look at the following chart:

  • BTC is just about test the 23.6% fib retracement and is already testing a resistance zone around 9000.

  • We're also in the cloud, there might be some resistance or choppiness while we're in here.

This is definitely not advice as BTC can keep climbing obviously (so please do your own research), but more like my gut speaking to me. And my gut has been wrong. It was wrong on that other day it wanted A&W's, but I still went with it.

BTCUSDFeb92018.JPG

#ethereum #cryptocurrency #crypto #trading
7 years ago in #bitcoin by
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