Short

BTC - Going Down?

Updated

Bitcoin has been following an ascending channel since the beginning of 2017, and price action has been keen to respect the limits of this pattern every time it has reached the upper or the lower limit. Now that we reached the upper limit of the channel a couple days ago, which price heavily tested, a correction is likely to take place towards the supply demand zone below, which is congruent with the area near the lower limit of the channel. However, despite the fact that the 200B Market Cap psychological level was reached some days ago, it has started to decrease fluctuating from that point, meaning that a deeper correction is very likely. In a less possible scenario, Bitcoin might continue upward movement if Market Cap continues to expand, but considering the strong resistance that represents the channel's upper limit this would take a lot of volume and buying power.

Let's see how it develops!

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Testing the top again. We could have a double top forming but if it goes beyond 7600 it will reach 8000 easily.

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Still not able to break the top of the channel. Alts are booming cause BTC is stuck. If BTC down, bottom around 5450 at 3.618 FIB line. Short 'till then.

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Still stuck. Bottom at 4450 I meant.

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Trade still active. Going well so far.

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Better to close the short now at 6000. Seems BTC will go back up to 7000 but then should continue going down.

CoinMajesty

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