1/14/2017 The Market View and Trading Outlook
And down again. Well BTC failed to break the longer term 77 at $14,300 on the 2 hour and that is why I felt the chart was at best mehhh yesterday. I was hopeful that the converging trendline would push price above the longer term 77 as had occurred on the 1 hour previously. Unfortunately price broke below the 21 and I was out. Not the profit I wanted to make but my prior sells at $14,500 and $260 made it average but not exceptional.
Well no major lectures today. I can sum up most of what is going to happen briefly.
We are testing the lower boundary of the triangle yet again and typically these things are tested 3 times before failure. If that is the case, the next stop is $11,800-ish, then $9000-ish. The weekly is red and we are finally entering a weekly bearish selling period on the MACD histogram; for which we were overdue.
That said we may break below today or we are just as likely to slowly crawl up the lower support line line to the intersection and break down there. In any instance this is a hurry up and wait scenario as I have no need to place my capital at risk until I have another clear sign of trend reversal.
The 12 hour jumped into another follow on selling period low into the price range which may provide the umph to break the lower boundary. But we will have to wait and see. All time frames are in the red for the moment so there are very limited opportunities that do not bring with them excessive risk.
About the only positive if you are trading is that the hourly seems to be running a bit low on selling momentum, which means there should be a bounce or two from the lower support line before it fails or goes sideways. Either way its just to risky for me at the moment..
My alternate scenario which is becoming less and less likely is sideways trading on the lower boundary before an attempt up again. I'm somewhat on the fence today as so much depends on the $13,000
Also the charts and diagrams come from here: https://cryptowat.ch/bitfinex/btcusd/2h
I use these as they are free and you can use them to match my setting or create your own.
My Previous Analysis:
https://steemit.com/bitcoin/@pawsdog/1-13-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-12-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-11-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-10-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-9-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-8-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-5-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-4-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-3-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/1-2-2017-the-market-view-and-trading-outlook
Sorry bro Please -100 not upvote?
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Is really not much chance to se some big push in Bitcoin price! Cloudy bearish times: I also contemplate only: #27.
But whats odd is the 500 plus btc orders at 13.350-13450.. I would think if you had that kinda cash to toss around you would be sitting out for the moment or not buying in a a potential downturn.. unless they are selling into themselves to depress price and accumulate.. interesting when you look at the order book..
Strange is this yeah! Must be some trap?
Just an interesting market today. I'm not sure if this is accumulation or what.. I see large buy orders in the low range.. So could be a shakeout.. will have to see what turns on the two hour... but it is trading so tight right now..