THE STORY: Bitcoin's price almost doubled since October. Time for a breather?
Money seems to be flowing into other coins like Ethereum, Dash, Litecoin and Bitcoin Cash.
Doesn't seem like there is enough momentum to propel us up another leg at the moment. If we do get another push up, I would look for it to fail.
BEARISH SIGNS: Strong Selling pressure since November 11 with big down volume days. RSI put in a bearish divergence (lower highs on RSI, higher highs on price) The trend line from thsoe September lows looks weak.
THE PLAY: If we get a break of that trend line I would look for a fall to old support around 4600.
I would move my bitcoins to other cryptos moving well like Ethereum.
When we hit a support like 4600 I would begin to buy more coins.
I wouldn't mind even crashing back down to 3000 on Bitcoin and get more coins on a discount.
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MY TRADING METHOD: I keep my analysis simple. Good analysis always is. I use Price Patterns, Moving Averages, and RSI for my analysis. I use the 1 day for trend analysis and 60 minute for trade entry For my Targets I use Fibonacci projections, measured moves, support and resistance. Successful trading means proper risk sizing and trading small so you can stay in the game.
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Looks like we're breaking out of that 8200 consolidation range.
My short Idea with Bitcoin looks like it's invalidated. It's impossible to have a short opinion in Bitcoin lol, but I tried. But great to be proven wrong which gives us the ability to revise our thesis and our methods. This time, Bitcoin's price increased even though momentum indicators pointed out weakness. That shows the strength of this bubble.