Bitcoin has reached a resistance point after a very strong uptrend, but we did not see strong bearish candles for short position. It is more likely that the price will hit the support line and become range. But to break this support, we must have strong candlesticks, and if it is broken, it will fall to the set goal.
reasons to sell if price breaks below the following grey rectangle:
1- divergence on macd ( macd used from the one on mt4 , recoded on pinescript)
2-head and shoulders pattern
3- trendline break ( the break coincides with the head and shoulders neckline)
4- psychological number 0.9 ( break below it)
5-break of support
as you could see here there are more then 5...
Just an idea. Not sayin this is goin down like this but I'm afraid it could play out this way.
Breakdown thru the neckline will signal sell. Rejected retest will confirm it. IF this goes down, then the bull is over.
Prices are just darn high. Stupid high. Fear may soon overcome greed; if so, hope will be dashed.
Here's a Forex link for the pattern. Break...
Looking at the chart Analysis we can see that it is forming a triangle. If buyers break the trend line before the point is met, we will see NEO testing ATH again.
if it stays horizontal for the next few days we will see either a sell off or a breakout to $55.
Time will tell...
I still think it is a good long term buy this !!
i believe this is another nice Short against the Dollar .Predicting that it will break Support so i will have a Sell Limit order @1.23740 sl@1.23918 tp@ low 1.22 levels
