Bitcoin has broken down from a pennant consolidation pattern. We are currently finding support at $38.4K which could mark the formation of a new technical level. It appears that BTC is just not ready to break through the $40K boundary which has proven difficult for it and remains a hard upper bound to its recovery. If we can't sustain current levels, we will...
XMRBTC may reverse it's downtrend. I am supposed to be scaling in, but I just went in at 0.0069 with entire position. Oops.
If my idea fails and the isolated support level breaks, then next stop for XMRBTC is 0.004 (I'll double check on this). I do not think that will happen though.
BAT chart is good because it formed a nice parallel channel. When channel is formed price tend to follow its borders untill they are broken - then it will move into breakout direction.
Now price in the middle. Support at 2424, center at 2525 and resistance at 2626 (easy numbers easy to remember). Now you have a roadmap. Follow it. Buy support, sell...
Bitcoin pushed higher than I expected when looking back at my April 29 analysis. Many called me wrong for being bullish then, and I'm sure I will be called wrong for being bullish now, but let's take a look at the chart.
Bitcoin blew passed the 6.5k resistance and ran on to 8.4k before hitting a wall. This did not give time for the bulls to build a proper support...
Well...I hate trying to call a bottom especially with the entire market looking so weak right now but I can't help myself...I think bitcoin needs to bounce before it cand continue to dump so I am going to make a speculative play here. Long bitcoin based on 1 hour volume and rsi divergence, tight stop loss. Let's see what happens.
Targeting 1920 yuan in china for the short term. Yesterday's short squeeze was interesting but the price has retraced over 78% already. ABCD continuation and an analysis of short squeezes suggests 1920 is a good target area; I will close my short in that area if I get other technical confirmation.
