Bitcoin firmly rejected above the neckline
BTCUSD has been firmly rejected above the neckline, with pair failing to notch the close late on Monday and moving violently lower Tuesday:
Though this could just be weak hands getting shaken out before lift-off, that daily candle does not look very nice at all, and I see significant risk of a flat correction to 9200. I have been trailed out on half of my longs and taken profit on the rest of them in line with this view.
Initial support is yesterday's low at 10567, with a breach of there targeting the (broken) falling trend-line from December below 10000 (dashed line). That would be a nice trigger for a reversal, though my gut is telling me flat to 9200 is more likely.
Alternatively, this could just be a shake out and a 4 hour close back above 11000 would bring the neckline back into focus.
I do not see a long trade right now and I avoid shorting BTC, so I'm staying flat.
I agree...looks like some sideways consolidation for the near future. Gonna have to wait for that big breakout.
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according to you when it will touch $20000/- again
That's a great catch @bulleth. I see as long as daily we move ahead a little bit any where in the middle, those are good days. Even if the day ends up in loss, we see a little want of spike in the charts. With this pattern, what do you think how BTC will hold against USD by the end of March? I am a little stuck right now as I want to shift funds only when they are profitable.
Thanks for clearing today's confusion. I guess I just need to wait for BTC to slowly move up. And once it's back on track, like, above 15000 then I will start trading them for other coins. That would be one strategy I could think of right now.
Man this is being a long, long bearish market!! Can't wait for this to end lol. Apparently there were so many "bullish wicks" according to so many "experts" but we're still stuck where we were a month ago. Everything else is taking a hit for this prolonged correction.
That dip is beautiful! I think it will go down a little but will go up again.
Very nice post...Support you!
Grrat submisson i like your post
Hi. I liked your post, keep it up. I wish you good luck and have a good day. :)
Price broke 4 hr trend line. Must hold daily trend line, if not buy on the pull back between $8400 and $9400.