BTC/USD Let's go fishing (RISKY)

3 thg 2, 2018

Hi guys, updated my analysis for BTC and i believe we are in the last wave down before (I hope) a reversal. The bounce off 7.8k was good but not convincing enough to signal a trend reversal and the overall momentum off the bounce is diminished or actually going down at the time of writing. Nevertheless this presents a buy opportunity and a chance to try and catch the bottom (fishing). I wouldn't usually try and catch the bottom but the strong volume of the initial bounce tells me there is demand in this region and especially in my highlighted buy zone where there should be lots of support. I've highlighted the major supports and resistances, if we get the bounce i recommend taking partial profits at each resistance level. If we break the first major resistance the downtrend has likely been reversed but as always stay frosty.

*This is not financial advice*

Feedback is appreciated :)