BTC has been trending down for about 4 months and this is when everyone speculated that BTC would worth 60,000 - 80,000 by the end of 2020. I honestly do NOT see any sing for this in the moment and I hope to be wrong BIG times (because I'd like Bitcoin to interrupt the financial system for a better cause).
After hitting ~14,000 in June, the market has pushed down continuously. The current trend is most defiantly bearish and we recently tried to reverse the trend. This was after the positive news from China about possible adaptation of BTC in the Chinese economy. The price jumped by more than 23% in two days but failed to preserve the gains. There was simply not enough momentum for breaking and reversing the bearish trend . Very close to the upper boundary of the trend, BTC formed a descending triangle , known as bearish . On November 8th, the pattern was broken from the bottom and more interestingly, we just tested the breakout by pushing back to the breakout level (picture will follow). Meanwhile, bearish momentum is present on both daily and weekly charts. If bears remain in control, chances are that we go further down and test ~8,000 - 7,500 price levels which correspond to the start of the bullish move since January 2019 (labeled as sensitive).
As of now, I have a short position in BTC and I will possibly add after breaking the ~8,800 support level . If you found this analysis helpful, please consider supporting the page by liking, sharing, and following. By the way, my previous analysis on gold is already in profit; check it out here...
Cheers!
After hitting ~14,000 in June, the market has pushed down continuously. The current trend is most defiantly bearish and we recently tried to reverse the trend. This was after the positive news from China about possible adaptation of BTC in the Chinese economy. The price jumped by more than 23% in two days but failed to preserve the gains. There was simply not enough momentum for breaking and reversing the bearish trend . Very close to the upper boundary of the trend, BTC formed a descending triangle , known as bearish . On November 8th, the pattern was broken from the bottom and more interestingly, we just tested the breakout by pushing back to the breakout level (picture will follow). Meanwhile, bearish momentum is present on both daily and weekly charts. If bears remain in control, chances are that we go further down and test ~8,000 - 7,500 price levels which correspond to the start of the bullish move since January 2019 (labeled as sensitive).
As of now, I have a short position in BTC and I will possibly add after breaking the ~8,800 support level . If you found this analysis helpful, please consider supporting the page by liking, sharing, and following. By the way, my previous analysis on gold is already in profit; check it out here...
Cheers!
Comment:
Trade active
Trade closed: target reached:
Fantastic trade, just closeing above the 7,600 support level.
Entry @ 8856
Exit @ 7610
Profit 16.37%
Entry @ 8856
Exit @ 7610
Profit 16.37%
