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BTC BEARISH Weekly Close!BTC dropped in last weekly candle close to $1000 & this candle close gives us a large amount of bearish signs. BTC weekly candle close was $6758 - we had similarly low weekly close in 6. november 2017 where our close was $5810. So we think - it BTC drops more, then the next levels to watch are $6366, $6000 and the main support area where is no candle closes is $5000-$5500. The big Bearish sign is, that our weekly candle closes below triangle bottom trendline. We could retest it, meaning that we will first touch 7000$ and then head down from there but let's see what the price action offers to us.
BITFINEX:BTCUSDShort
by VaidoVeek
The fall continuesAs we expected, the price had corrected to 1.20 and then rushed down again. We anticipate the dollar to strengthen further and an overall decline of the pair. At the moment the body of the candle is below the level of 1,1920 and in case of fixation on this level we expect the advance to the level of 1,1860. Technical indicators are also giving confirmation on the sale. Because of that we advise to take short positions and set Take-Profits near the level of 1,1860.
Short
by SuperForex
Bears break under wedge trendline, 200ema, and possibly 200 MAThe double bullish reversal hammers on the day chart the last few days turned out to be yet another bull trap by the bears. It was first evident when the second green hammer had hardly any volume coupled with it....but far more evident once the next days candle(yesterday) began forming a bearish engulfing candle giving a solid warning to sell. The bearish engulfing candle also didn't have any volume with it the day of the candle but as expected we are now seeing a huge impulse of bearish volume today taking us even further down now below the 200SMA. I do believe however the 200 MA has responded very well in the past to having acted as a support so there's still a slim chance we may see by the end of today's candle that the candle finds a way to close back above the 200SMA. I think if you look at the biggest bullish volume swell in BTCs history (September 15th) you will see the day prior to that candle it had a bearish volume spike around the size of the 2 we've seen in the last couple days. I also think once Bittrex and Binance open their doors back up to the public and bittrex allows for more USD pairings which is supposedly on the way, you're gonna see another big influx. We may dip potentially as low as the 5000s before that occurs though. So hodl with all your might, develop nerves of steel, and remember to look out for bull traps disguised as valid bull trends. Also if today's candle does close beneath the 200SMA mI expect because of that and because this was a valid bearish engulfing candle that a dip as far as the mid to upper 5,000s is possible. I'd say its well worth laddering in small amounts at 6500 though just in case we see a reversal sooner. Very small amounts maybe 10-20percent of your expendable capital. Also lastly, also very important to make sure that whentrying to time the bounce that there's also oversold conditions on the RSi and MACD on most of the different time charts.
BITFINEX:BTCUSD
by DrDovetail