BITCOIN HEADING TOWARDS HARD LINES OF RESISTANCE - TRADERSMARKET
Updated
Correction is probably done. No dramatic flash crash wick but insane amount of volume. Good news and generally positive sentiment on twitter, especially since the dip chickens and now comfortable "after the facts" bears are calling 4k.
This is a game of not guessing direction but trading the strong support and resistance lines that were formed since November and are neatly aligned with FIB levels measuring from top to bottom.
It will be a traders market until we break the second outer down trend channel and hodling will once again be the best bet to profits on the moon.
This is a game of not guessing direction but trading the strong support and resistance lines that were formed since November and are neatly aligned with FIB levels measuring from top to bottom.
It will be a traders market until we break the second outer down trend channel and hodling will once again be the best bet to profits on the moon.
Note
BTC failed to reach the top of the purple channel and the resistance roof at €7649. It bounced on the purple channel bottom but struggling to get above the fairly weak resistance line formed in the middle of the purple channel at €7175.
If it retries to bounce of the purple channel we will need a lot of volume. Today being tuesday, it's likely that wires will arrive to exchanges today or tomorrow. Historically prices have always been the lowest on sunday & monday.
If btc breaks its 1H purple channel it will go down to it's support at €6176. This support would be ideal for a heavy position as it is reinforced by the inner red channel coming down from €17000 (20k).
If support at €6176 breaks, we'll be looking at €4669 as the final frontier before returning to the 2014-2016 channel top at €2776.
Note
Price is €6952 ($8540). BTC is in a mexican stand-off at blue dash support. As it was brefly broken I believe bears will follow through.
But there are walls on each side and Bulls just got their money in the exchanges. I will gamble a small position with a stop loss at €6910.
Enter half position at purple 1H channel support €6176, and a full position on €4669.
Note
Closer look at today's action.
Note
continuation
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