BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This channel show in the chart is a extremely significant support, it has been carved along the way in 2017 for a long time. If this channel breaks we can see bearish movement towards the next supports @:
- $7,260
- $6,000
- $5,000
Very choppy price action recently, stay safe in trading :D
Trade active:
So.... red flag scenario is playing out right now. In my opinion we should not try catching a falling knife until we reach:
- $6,000
- $5,000
Supports, in which case These would be excellent targets to buy for a bounce play.
Trade active:
I'm going to expect a return to the low of $6,000, Bearish pennant + Test of broken support = High probability of a continuation to the downside.
Trade closed manually:
With Bitcoin pumping off support like this I don't find this easy to predict with my trades, I'm going to lay off trading Bitcoin and start focusing on atlcoins.
On the screenshot attached my potential buy zone if Bitcoin decides to fall.
Trade closed manually: Yeah... This turned out to be possibly a fake out which has bounced. A double bottom seems to be forming which could lead us towards BTC @ $11,000.
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