Bitcoin takes another hit but it mustn't be that terrifying: possible continuation from this point on!
Bitcoin broke down from the ascending wedge; this was expected but not with such a soar. I expect to revisit the previous resistance at 6750$ and test if this can count as our support. I don't really think this is a bearish run and we're going to visit <6000$ again; I rather see it as a correction for the continuous upwards run that we had.
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This could also be a short Elliot ABC correction cycle, after the 5 impulse wave pattern. Notice how we immediately stopped at the 21 MA (yellow) and the 55 day MA (blue). If we go like this (ok, maybe not exactly, maybe more extended, but as a ABC correction), then we should be good to go after the end of the C wave, which should not be lower than 6750$.
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Moving Averages: we broke the 100 day MA (red) support and it seems that we're heading back towards the 55 day MA (blue), located at around 6900$. Notice that on some exchanges this price has been already achieved. This chart is from Coinmarketcap and is a little 'slower' than the reality.
Click here to enlarge the image
As soon as I saw the sudden decrease in BTC's price action, I knew I only had a couple of seconds to catch the altcoins. I managed to catch NEO in a short trade, not exactly from the top, but I'm still pleased.
These are some of the exchanges I use:
(you can support my work by registering via these links)
- Bitfinex - my most used exchange
- Binance - most popular exchange
- Kucoin - excellent exchange, rising in popularity
- Gate - for small cap / new coins
- Huobi - margin trading
- Coinexchange - big variety of coins
ALWAYS CREATE A DIFFERENT PASSWORD FOR EACH EXCHANGE!NEVER HAVE THE SAME PASSWORD TWICE!SAVE THE PAGES TO YOUR BOOKMARKS, SO THAT YOU WON'T CLICK ON SCAM SITES! MANY GOT FOOLED AND LOST A LOT OF MONEY!Thanks for reading and safe trading!✌
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