Don't buy Bitcoin just yet!!!
I mentioned in a previous blog post that Bitcoin is at a critical point where it could break out of a falling wedge pattern on fresh optimism that George Soros will trade the crypto market.
Looking at the charts, there is clearly a battle between the bulls and bear and will be sitting on my hands and waiting it out until a clear direction presents itself. This post can be found here: https://steemit.com/bitcoin/@crypto-toast/is-bitcoin-still-selling-off
So far, a bullish breakout has occurred on the back of an inverted head and shoulder pattern that has reached its projected target with confluence on the falling wedge trend line. Rejection at the trend line is a common pattern and the masses will soon realize this failure and before you know it the down trend will have resumed.
But! Before you consider a short position, there is a consolidation zone that must be broken to confirm the down trend as shown below (refer to the 3 horizontal lines):
Click here to follow analysis on TradingView: https://goo.gl/meY1qL
This will present two options:
If price can hold the consolidation zone, Bitcoin could break the falling wedge trend line and reach a target of $7,200. This does not translate to further moves higher and will most likely begin to retrace immediately. A falling wedge patterns seldom reverse a bear market into a bull market.
If price fails to hold the consolidation zone, Bitcoin will resume the down trend and reach target of $6,400 and $6,000 respectively.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Never short cryptos, not a good long term strategy
I would say its definitely not a good idea for beginners. If you know what you are doing, you can increase fiat to buy more crypto by shorting
Upvoted. Eh, I disagree, bulls will win this round :)
Looks like its running out of steam
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