BITCOIN: BTCUSD On the Brink Right Now
Testing the first support 6425 range. Day-traders will be closing out again here, looking to see if selling power wanes
...don't think so but it could create a little counter rally from 6425-6400 , with 6400 being the exact point where the
medium term trend line stands right now - and if it does, it should get stopped by the parallels above it which look to be
controlling this descent now (couldn't get a grip on those yesterday, because the all-time high was screwing up any
symmetry in the chart)...it's breaking now right on to the long term trend line at 6400 now...it's really thinking about it
here, looking down and trying to hold up...but no one's buying are they? It's just selling has stopped here, understandably -
itFailure here will seal the next stage in Bitcoin's descent - It should fall away to 6312 at least, make a feeble bounce
maybe and then fall away further to at least 6165, and then 5997...last gasp support here at 6000 so it should try to pull
back from the precipice for a while, and make some kind of getaway here...if this then fails Bitcoin will start to fall in a
near straight line back to 5121-4973 range.
It's extremely weak whilst trapped within the parallels that
are bossing this wave now. Any return to the upper parallel should be viewed as another selling opportunity for now until
downside targets are achieved. More as this move develops.
Testing the first support 6425 range. Day-traders will be closing out again here, looking to see if selling power wanes
...don't think so but it could create a little counter rally from 6425-6400 , with 6400 being the exact point where the
medium term trend line stands right now - and if it does, it should get stopped by the parallels above it which look to be
controlling this descent now (couldn't get a grip on those yesterday, because the all-time high was screwing up any
symmetry in the chart)...it's breaking now right on to the long term trend line at 6400 now...it's really thinking about it
here, looking down and trying to hold up...but no one's buying are they? It's just selling has stopped here, understandably -
itFailure here will seal the next stage in Bitcoin's descent - It should fall away to 6312 at least, make a feeble bounce
maybe and then fall away further to at least 6165, and then 5997...last gasp support here at 6000 so it should try to pull
back from the precipice for a while, and make some kind of getaway here...if this then fails Bitcoin will start to fall in a
near straight line back to 5121-4973 range.
It's extremely weak whilst trapped within the parallels that
are bossing this wave now. Any return to the upper parallel should be viewed as another selling opportunity for now until
downside targets are achieved. More as this move develops.
Trade active:
So weak...that was pathetic, the attempt to hold up at 6400. Stay short now until the lower parallel is tested...then we need to see how it reacts...should make a bounce, particularly if fixed and dynamic supports coincide. More as it develops, but for sure every trick it pulls now just confirms that there are still no buyers ...
This is not the beginning of the end, more end of the beginning. Been on the hunt to get this monster in the freezer for a week now, almost non stop. At some point quite soon we'll be looking to get long of this ...but not until we can see that selling reaches a climax.
This is not the beginning of the end, more end of the beginning. Been on the hunt to get this monster in the freezer for a week now, almost non stop. At some point quite soon we'll be looking to get long of this ...but not until we can see that selling reaches a climax.