BTC - Test at 9850$ failed

in bitcoin •  6 months ago

Hello all,

Here was the chart of yesterday :

BTCUSD.jpg

Here is the current chart :

BTCUSD.jpg

As I was saying you yesterday and even some traders were very bullish, it was impossible to know which will be the direction of the Break Out. I know lot of traders who did a wrong trade today because yeah the market decided to do a DROP Break Out.

The positive thing is that a correction can be also healthy to continue the UP but the second point is that till now, it looks like the MMA50 (violet line) is holding the drop. I explained you already in the past that this line is important because when we break it, it means we are also breaking the current trend. As this is not the case till now, we still have the hope to see the UP trend coming back...

I wish you massive profits,
Cryptopassion.io

Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.

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So close to 10K but yet so far you can say

Very nice bitcoin
I like it crypto news
Thanks for sharing update proving crypto currency news....

Probably not too much institutional money has been entered the market yet to fuel the confidence of "the weak hands" who sold in February and March.
I'm far from being a specialist in trading cryptos and investing in general, but from what I've seen on charts and what other more experienced crypto investors noticed is that very often from May starts the uptrend every year and it keeps on going till end of July. Then from August to September it's a slightly down trend and after that fasten your seat belts until Santa's season.
That's what I have in mind very often and how I see prices over the year.

Negative divergences have been setup, it will pullback from here. Really no reason to be long bitcoin unless it is above the 200 day MA now

Pullback today, rise tomorrow.

If 10K remains unbroken, major double top has been formed which is SCARY

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