Bear Channel Breakdown on BTC
Hello Steemians! We continue to observe significant weakness in BTC prices and all the major crypto are following BTC as of now. Let us have a look at the hourly chart of BTC first, as it is most interesting.
Above is the hourly chart of BTC with Heikin-Ashi (HA) candles. HA candles shows up the trends better by cutting down the noise. One of the most interesting pattern in the hourly candle are these up trending chanels in blue, which breaks to the downside. The biggest channel was formed from May 30 to June 10, which broke to the downside with a classic 'waterfall". Now we are forming an another breakdown to the downside off a small channel.
Daily Chart
The above daily chart shows support at the 6400 level and then at 6000 level. If the prices continue to waterfall to the downside, those are the levels to look for. Prices are basically 300 points to the first support. I kept all the channels from the hourly here for reference.
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
Charts are created in Tradingview.com, which is a free service
Some weird price action moves in Bitcoin territory....
Looks like twice BTC has been dumped, in the last two days alone.
Some people still be positive, buy the dip, go for bargains etc etc. But this is where the mind fight between "being optimistic" vs "being realistic" starts.
I feel that some big boys are playing active game in this sandbox.
We are going to the Feb lows and it is likly to happen in one quick swift kick in the nuts to all crypto holders when it does. What happens there is what matters
https://steemit.com/cryptocurrency/@heyimsnuffles/crypto-carnage-is-imminent-20180610t190128430z-post
Just go to an exchange that lets you short BTC, stop buying the dip and start following the trend. Looking for trend reversals is risky business.
sounds like a good time to sell tissues :)
Ha ha! Yes I can feel your sentiment...
It is what it is, but there is no panic selling. Until that happens it ain't over:)
Just gonna say... OUCH!