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Bearish Trend Line

Pay your taxes.A court case with Coinbase arose after the IRS found that for in each year from 2013 to 2015, only about 800 taxpayers claimed bitcoin gains. During that time, the cryptocurrency rose to $430 from about $13. With 2017 being the year of mainstream awareness of crypto and over half-trillion USD marketcap, governments want their share of gains. Worse, if you traded at the peak and held large cash profits for 2017, any holding of crypto have depreciated since then. We have a very steady descending channel, and we are right at its top edge. I speculate that there is an opportunity for bears to push the price down up to April, forcing taxpayers to liquidate higher percentages of their crypto holdings; meaning future gains to 11-12k may be a bull trap. I speculate most investors are hoping for this recent recovery to keep its upward momentum to allow taxes to be paid with a smaller percentage of coins. But instead, a reversal occurs and panic onsets while bears walk in and scoop up cheap coins having cashed out large sums on the side for such an occasion. Will there be blood?
COINBASE:BTCUSDShort
by mattmonkan
2
ETHUSD: never knew ETH Played Soccer Hi All, It's all in the chart, Even though we are in bear market, ETHUSD still look strong. I'm still bearish on ETHUSD for the time being, due to BTCUSD downtrend. Swing traders: Statistics and probability are on our side. Don't worry about being right all the time. You just have to be right 50% of the time to Double your initial capital. Up Trend: Impulse. Down Trend: Correction. All wave Patterns are impulse or correction. Sideway: Except for moving horizontally. Retracement: Price hit Support, Reversal Period, Stop Loss: 60/40 Split. Resistance: Price Falls below Previous Support Level . Only trade when you see repeated price pattern. Limit to roughly 15-20 trades per month 2/1. Impulse & Correction: 50/50 Win or lost: lose $50 - Make $100 Hope this chart was helpful to you all. If you all have questions feel free to ask or comment in the comment section below. Be sure to Follow me for future charts, like this post if it was helpful, and thank you all. Happy trading People...
COINBASE:ETHUSD
by letsgetit
Bitcoin trendline 2017 retest Bitcoin is seeking a retest of the 2017 trendline (purple top line) through an rising wedge (bearish). Therefore, I will short on the retest of this line or even more, which I think is more likely, in breaking the bottom line of the wedge, in red. The targets of the shorts are the purple and yellow lines just below. We can exceptionally try to retest from the bearish trend line (next green line above). In this case, we will be attentive to the possibility of the 2017 trendline to hold. Stops short as soon as it invalidates the trendlines. Let's follow.
BITFINEX:BTCUSDShort
by buenoeguimaraes
XRP - BROKEN THROUGH THE $0.47 TO THE DOWNSIDEXRPUSD is doing exactly as predicted 3 weeks ago - following the downward trendline, hitting $0.47175 at the exact point on my chart and on its way down towards $0.36 and even lower. Currently XRP is following BTC to an extent but if it decouples from Bitcoin as many claim it will, then we might be seeing it plummet quicker. I will get very LONG when it gets down to the mid $0.20s as I see this as the true bottom before the BIG climb. Anything can happen so trade safely and be careful of the bounces as they always seem to end up lower than where they were before the bounce. GOOD LUCK!
BITFINEX:XRPUSDShort
by Douglas15
1
Current Bitcoin statusThis is a continuation of my previous posts. Thus far bitcoin has a clear trend line passing through early February, April then late May. Most charts out there show this clear trend line which was broken ~ jun 10. The value this chart adds is the resistance line I start drawing at around May 10. This trend line allowed to correctly pinpoint a potential breakdown on 6/9 (which did occur). Most folks draw their trend lines from the highs. I do this as well when it fits. I also look to identify shifts in sentiment and draw trend lines from such points. In my view, around ~5/10 a "sentiment shift" occurred. In this case meaning it broke down from a support line it was previously following (green line from 4/15 -5/10). 1) "Sentiment shifts" and breaks down ~5/10 2) It drifts up then breaks down (5/15). 3) Drifts up again and breaks down again (5/21). Connecting those dots I get a clear resistance line which it is currently heading to. Will it break down again when it gets there like it did 6/9? Hard to say but that resistance line is clear and should be one to pay attention to. Overall BTC chart looks "ugly" to me. It is below long term support with several levels of resistance to overcome. In my view we won't be out of the down trend until we overtake the upper red downtrend line which is currently around $8,000. I never short bitcoin but be careful out there. Remember, the only folks who consistently buy bottoms and sell tops are liars! and always remember ... all there is, is atoms and void. ;-)
BITSTAMP:BTCUSDShort
by Democritus
USDCAD Double ScenarioD1 - After the W1 downtrend line was broken, we can expect further continuation up. Price is currently at confluence point and we can expect corrections down now. Short term sell opportunities might be provided, and then we will be looking for the buys. Keep in mind sells here are aggressive, while buys are the conservative trading option. H4 - We are looking for the pullbacks lower, so if confirmations are provided it could be traded in the short term.
Short
by VladimirRibakov
ETHUSD: No Retrace? No Trade. Waiting For Better Setups.ETHUSD update: Indecisive price action around a potential lower high formation. Since price has not taken out the 625 resistance level, I have no choice but to expect more from the bear side. As I wrote in my ETH article on S.C. earlier today, 625 is the .382 area of the current bearish structure. As long as price stays below this level, it is more likely to consolidate or test lower prices. Long term, I am bullish on this market as well as the other major coins. It is at times like this when it is important to also recognize the short term price action since it is very helpful for staying out of trouble. Based on the current structure, there is no reason to do anything at these levels. I am not going to add to any long term inventory, or take any short term trades. Like I wrote earlier, there is no advantage to taking any risk at these levels. I do not short these markets, so I can only consider risk from the long side. At S.C., we are waiting to see IF these markets choose to retest the lows. The high probability level for us is the low 500's into the 471 reversal zone boundary. Remember, we do not know if price will retest this area, but we are prepared if the opportunity materializes. We don't predict, we play probabilities. In summary, quiet times in the market are great times to prepare. Research other coins, check out our portfolios at S.C. and see how we are building inventory. When the market offers more attractive prices, we are prepared with a plan. What is your plan?
BITFINEX:ETHUSD
by MarcPMarkets
7