What if (E) doesn't provide enough support for bitcoin? You can see important levels of resistance (red dashed lines) on the chart. What would be considered a breakout?Ĭrossing above the down trendline AND staying above it. Once we get there, bitcoin is likely to reverse one more time to the upside (inside the symmetrical triangle ABCDE) and hopefully carry enough momentum for a proper breakout crossing $9350 and subsequently $9570 & $9770. Bitcoin *should* bounce off the down trend line (pink dashed line) and go bearish for a couple of days until we reach an area around $8,900-$9,000 (point E). At this point I don't believe there's enough strength in BTC to breakout, which gives us a good opportunity to short BTC. Hey there! Here's a brief but to the point analysis on itcoin.Īs you can see, bitcoin is on track towards a zone around $9350s (point D) inside the small parallel channel (cyan dotted lines).
0 Comments
Leave a Reply. |