Bitcoin Meets Resistance - Let the Battle Begin!
Bitcoin finally made it, it made it to the prior top we recognized as the next resistance.
What Now?
Well, if you were in BTC for a trade off the entry signal from the reversal lows, hopefully you took some profit. The trade worked out great. Congrats!
Now, for longer term positions that's take a look below. You can watch the video or read my remarks below the chart screen.
Resistance
So the prior top around 11,600 just happen to coincide with where the descending channel line was sitting, making this a clear pivot point.
In order to break out of the descending channel we would also need to establish price above the prior top of 11,600.
As you can see that has not happened. We got a bit of a reversal candle yesterday and this new daily candle has begun to sell off.
Outlook
Ideally, we consolidate above 10K and make another run at breaking this channel and clearing the 11,600 area.
On the downside, if we remain in the channel then there is a chance of testing the 200 day moving avg (blue line) and the longer term uptrend line.
Lets see how the next few days play out!
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Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
Looks like Coinbase and Bitfinex are running Seqwit already so this will push bitcoin higher :)
the last week it has been on a bull run and was doing well, if it break the resistance it surge higher
Now THIS is a trading guide i can get behind!
Thanks! Yes, felt like something simple that explains the blockchain and different wallets, etc. was needed so...wrote up the quick guide.
Cool! will check it out. I found that, try as i may, many times i just cant get the idea of cryptocurrencies and blockchain across to the people i wanna explain. Is the concept of Decentralized Digital Cash really that hard to grasp?
It never ceases to amaze me how spot on good TA is. At least for the top 5ish...Most below that don't have enough fiat entry points
Thanks for updating!
I bought at dip & getting a huge profit now.
The battle never ends!
Thank you for advices. Very usefull. Can you write about Etherum and Litecoin?
Oooooh I really hope Bitcoin wins this one.
Thanks for providing the free guide on bitcoin. I will read it cover to cover to learn from you. This knowledge will be helpful to explain to others whats it all about.
Hope it helps!
I think we are going below 10K for the last time, and then we will be ready to reach the moon, be ready to buy some more in case you are not All-in already!
Your analysis makes perfect sense, but I´m expecting to see the worst scenario presented, this way I won't be disappointed by the market and, as I said, its always a good time to buy below 10K.
Yeah, as much as I'd rather not do another ride lower there is a very real scenario we test the prior bottom.