Bitcoin Broke Our Trendline
Bitcoin broke our upward sloping trendline, which basically invalidated the projection that it will be heading up in an Impulsive move in the short-term, and due to that now looks more likely to move downward towards the 50 moving average.
It seems like Bitcoin is once again being ruled by the whales that are making the price move in unexpected ways.
For the longer term, I still very much expect Bitcoin to be moving up, however at this time it is unclear how the market will be moving as it is behaving in a consolidating way.
In the short term, it looks like we could see a bounce from the 11,400-sh level, as indicated in the chart above.
It seems like Bitcoin is once again being ruled by the whales that are making the price move in unexpected ways.
For the longer term, I still very much expect Bitcoin to be moving up, however at this time it is unclear how the market will be moving as it is behaving in a consolidating way.
In the short term, it looks like we could see a bounce from the 11,400-sh level, as indicated in the chart above.
Doing what I can to help people trade better. Past performance doesn't guarantee future results. Trade at your own risk. This is not financial advice, it is personal opinion, I'm not a financial adviser. I may have a stake in what I write about.
Related publications
Disclaimer
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.