sanuwat25
Long

Bitcoin may just break through the mini trendline

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Currently, there is a strong support at 7.8-8.2k on BTCUSD chart - Andrews pitchfork , EMA10 monthly chart, strong 6-year uptrend trendline support and potentially reversal of Fisher transformer on a daily and weekly chart.

Right now the price is acting as if it is trying to break the mini downtrend trendline (pink line) and while it may be too early to be certain that the price will go back up, I consider long position as safer than short at this price point because of the strong support level mentioned above. Remember that those shorting from 14k would be looking to take some profit and those waiting to enter into cryptocurrencies are waiting for this recent dip. But of course it is possible the price could drop further so again, position sizing is key - just try to not get wiped out. No money = no trade!

We have also been in a downward pattern for the past 3 months (I consider the descending triangle since the end of June to be the beginning of this downward movement and the current dip to possibly be the end of this correction). That means it is about time for the bull to come back.

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