Corresponding with my update posted in July, Bitcoin has seen a prolonged downtrend over the past months following a strong rally to 13k . At this moment in time we are approaching my second buy target of 7.2k, hopefully forming a key pivot and reversing at this point.
A breakdown below 7k would see the trend line we rode from 2015-2017 broken, with substantially lower targets then plausible.
For the moment, taking a small long targeting 8.8k, before adding shorts within the 8.8k - 9.2k region.
A breakdown below 7k would see the trend line we rode from 2015-2017 broken, with substantially lower targets then plausible.
For the moment, taking a small long targeting 8.8k, before adding shorts within the 8.8k - 9.2k region.
Trade closed: target reached:
Long target reached and first short target hit. I had expected a further push to tag the dotted resistance line - perhaps we have one more upward push before a larger supply run.
Either way I am staying short at this stage, if there is further push to to upside I shall ladder additional shorts between 8800 and 9200.
Either way I am staying short at this stage, if there is further push to to upside I shall ladder additional shorts between 8800 and 9200.
