Salmonchild695

BTCUSD - History to repeat itself? Short (shortterm)

COINBASE:BTCUSD   Bitcoin
BTC has a way of repeating itself, it can be seen when looking at the weekly 21EMA acting as support for the bullmarket, it can be seen in fractals, it can be seen in a lot of different analysis. So at this point, I have been struggling to find out which way the market is going. ETHBTC seems to have a breakout, yet BTC struggles to find a real resistance. 3.1B of options will expire the 29th and greed is as high as it gets. All in all, a rough market to trade.

When looking at this TA, all signs seem to be aligned for a shortterm breakdown do lower levels. Everytime BTC reaches a new high, it forms a triangle and breaks down for a short-, and sometimes longterm, correction. At this point the question is, will history repeat itself once more?

Some signs that occur in every signal case drawn in the chart:
- RSI drastically decreasing
- Volumes decreasing
- Price struggling to find 'real' support
- MACD cross over after reaching a (new) high

All these signs happened after BTC made a large move upward.

So what is the trading plan?
Shortterm - short, lets see where it finds support. Somewhere inbetween the 28k and 22k IMO. If BTC manages to reach the bullmarket support band (21week EMA ) and bounch of of that, that would be super bullish . If not, we might see a longer term bear market. Who knows, right?

Happy trading, be careful in these markets.
Commen
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