thekevin

BTC Longer Term Downtrend Line

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
A while ago I mentioned that we may have a wave 1 that could break out of the long term (log) downtrend line and then re-test it as support. Could it still be playing out? The line is now roughly coinciding with major Fibonacci support.
U TA guys are so funny. You're right 1 in 10 times I guess... so maybe
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@glynabt,
10% success is still much better than blindly buying and hoping.
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Look at that bullish spinning top on the daily chart is that correct and cheers for the TA
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thekevin chase4fun2018
@chase4fun2018, It does look like it! Hopefully we start moving up now although an actual touch to the .786 wouldn't surprise me.
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@thekevin, We might get one more lower low before it bounces depends what the candle
is for today i believe sellers are waiting to try and get in for $7200 i could be wrong but
that was my most bearish price..We could bounce from here time will tell.There is a lot
of sideways movement i think tonight we will know..

To me this candle the bullish spinning top candlestick yesterday and today there is a bearish
candle that is trying to form into a bearish spinning top normaly signals sell off to buy back in
at a lower price we just have to wait for more data.
+1 Reply
thekevin chase4fun2018
@chase4fun2018, Absolutely agree! I am remaining bullish unless we fall under 6800 (.883 retrace). Although BTC seldom falls as low as .883 retracements, I do see it on alts a lot.
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