Hi traders! Here is a slight update on Bitcoin and the next expected move (after a valid breakout). As I have mentioned in my previous post, we require closing above $11,900 for Bitcoin to reach $12,700. Previous idea:
Let see how the price action develops in the coming hours.
Most people saw a smaller triangle within the one you have drawn there, and got very excited when it was broken out of. This makes more sense.
You should be weary of using Bitfinex to chart. It is running at a huge premium together with other USDT exchanges because people are trying to get out of USDT to get into BTC -->> and then into USD exchanges to sell for USD. This explains the huge premium all USDT exchanges have at the moment.
I feel like BitFlyer BTC/JPY is very relevant at the moment as well, and needs to be considered in analysis.
Cheers
juhozobe
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thx
lihodawu
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Hope this analysis helps.
BearishNakedBull
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@AAlFadhala Do you think it will rise to around 10800 than continue the bearish move down to around 9500?
BearishNakedBull
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Well... looks pretty valid to me, damn bears..
Guilhermeltdr
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@AAlFadhala What is the target now?
BearishNakedBull
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@GUilhermetv, It will likely rise back up to the resistance at the bottom of the triangle, then follow that downward arrow
MarcelMartins
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@AAlFadhala valid breakout?
HuynhLoc
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lol, omg, its going down now. I lost money, hix hix @AAlFadhala
You should be weary of using Bitfinex to chart. It is running at a huge premium together with other USDT exchanges because people are trying to get out of USDT to get into BTC -->> and then into USD exchanges to sell for USD. This explains the huge premium all USDT exchanges have at the moment.
I feel like BitFlyer BTC/JPY is very relevant at the moment as well, and needs to be considered in analysis.
Cheers