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bdossantos

BTC Consolidation

Short
Bitcoin (COINBASE:BTCUSD)  
bdossantos Updated   
COINBASE:BTCUSD   Bitcoin
Trend Analysis Chart Patterns Harmonic Patterns
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trendanalysis chartpattern harmonicpatterns
If daily 200EMA continues to be resistance, I wouldn't be surprised with a fall into the green box (~7500).

Pay attention to how prices react above 8800.
Comment:
The daily 50EMA has crossed the 200EMA once again making the 50EMA the new resistance (~8700). Expecting the price to test that level again but I'm not convinced that it will break through just yet.
Comment:
Still net short.
Comment:
Hedged some shorts at 7450. Expecting a short term bounce here but my target for longs is around 7200.

I don't doubt we hit those levels. Question is, will it hold? o.O
Comment:
I'm not fully convinced that a bounce is coming. If it does, I don't think it'll have much power (maybe to the ~8200 levels). Long term, I still believe BTC needs to play around in the 5000s level before we see another major bull run.
Trade closed: target reached
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