BTC - *THIS LINE* WILL DETERMINE THE FUTURE

This line tells us all we need to know about the battle between bulls and bears over the future trend of Bitcoin. The line was established as resistance which was overcome when BTC made its final run up from 11,500 to 14,000. That line then became the crucial support level during the correction.

You can see from the spikes that the support level was tested a few times on the 26th and 27th of June. I shorted it when it was finally broken and covered my short when the selling pressure started to weaken.

Bitcoin bulls then made an attempt to re-establish the price above the line, but then retested the support again and I shorted again today when the line was broken once more. Again, I covered the short quite quickly to protect my profits.

I would advise all BTC traders to watch this line carefully over the coming hours and days, as this is where the battle will be fought and won, either way. Plus, as you can see, it provides ample opportunities to trade big short-term price moves, if you're into that sort of thing!

I'm usually a longer-term trader, but when I see juicy opportunities like these, sometimes I just can't resist. ;-)

Comment:

The bears won the fight. Now BTC has a new support line - new idea will be posted shortly.....