COINBASE:BTCUSD   Bitcoin / U.S. Dollar
-Long bullish candle rejected support zone ; fakeout confirmed.

-1H; inverted H&S maybe?-


Comment: Price must go beyond $10450, before I decide to enter. At bitcoins current price, the exchange rate would have broken through all stop levels. the cryptocurrency market itself lost nearly $39 billion in market capitalization as sellers tried to find bids.

There is no one clear reason for the sell-off, but the daily chart has been warning of a move for the last 2-3 weeks as a descending wedge (triangle) pattern took shape. I had originally envisaged a rise due to the strong hold of the support. However, the moment the horizontal support zone was broken, the sell-off accelerated all the way down around $8,000 before a small pullback.

Again, re-instating my main focus.. I will be waiting to go long, once price moves in my favour. I don't trade against the current trend, I follow it. If it's not moving up, I'll wait.

Comments

Is this the breakthrough to the upside? Thanks ...
+2 Reply
Jaxpx GWAVE
@GWAVE, Well, I'm following the rules I've set for this trade. Price may float into a loss for a couple days but overall I believe, we're looking to go bullish. The support zone that I've placed is an area I've bagged a LOT of pips. I've posted a couple of those ideas, but here shows that because of the long wicks and price rejection, price is more likely to push higher:
Reply
Jaxpx GWAVE
@GWAVE, I believe the market will need to break out somewhere around $10450 at least to start looking to go higher, hope that helps, thank you for your comment!
Reply
GWAVE Jaxpx
@Jaxpx, No worries, cheers for the reply.
Reply
So can I buy and spend my btc since we wont have the bull to 18k?:/
+1 Reply
Jaxpx marcusp07
@marcusp07, Sorry, I don't provide signals or advice on investments. Trade at your own risk and make your own decisions. From a technical standpoint, I believe bitcoin is due to rise though.
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Jaxpx marcusp07
@marcusp07, the support has held for numerous days.
Reply
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