Bitcoin continues to test the downtrend line and continues to fail. I had bought the retracemant at 8690 with the intention of selling at 8775 went and had some breakfast and came back surprised to see BTC testing the trend line again. We are seeing some strong buying pressure but I'm still hesitant to say we will breakout as we are still seeing rejection and if this wave up from 8300 is impulsive then the wave 1 high was violated when we retraced below 7700, this leads me to believe that it's corrective. If this is the case we should see continued correction toward the 8,000 level and maybe below. If we do break this downtrend line I would expect a retest of this line before continuing toward the big resistance of the infamous log scale downtrend line around the 9800 level so entry opportunities will present themselves.
As always, these are my ideas for my trades and not intended as advice for your trades. Thanks for taking a look any feedback is always welcome
I will update as this trade plays out
As always, these are my ideas for my trades and not intended as advice for your trades. Thanks for taking a look any feedback is always welcome
I will update as this trade plays out
Note
As you can see we have broken through the trend line. The last time btc broke through this trend line was on 3/01. We are currently testing the line for support, if it holds it would be a great sign for the coming week and most likely lead us to a test of 10,000
Note
BTC has broken back through the downtrend line and has found support on the 50 EMA. One of these two is going to break. I have placed a stop for my entry from earlier just below the 50 EMA. My personal bias is we will see lower price action but I will stay in this trade until conformation.
Note
More rejection. Stopped triggered exited trade at 8830. Have stacked bids in the current support and fib areas from 8640 to 8555. Already filled first order at 8641 as this the .5 retrace next level is the .618 retrace.
Trade closed manually
Bear flag consolidition exited all positions. Don't like the structure that has formed and believe we will see continued correction. Will renter trade when more information presents itself.This is what I'm currently looking at, appears BTC has been rejected from daily resistance and will have to consolidate to find buyers. The most likely area would be the trend line I have labeled as the concrete floor, this trend line hasn't broken in over a year. If it fails there then it will not be pretty.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.