TradingView
FrederickDupont
6 Th04 2018 04:00

If Bitcoin Break This Support It Should Fall Hard 

Bitcoin / DollarBitfinex

Mô tả

BTC is holding well on that support (big orange line) since almost 8 days now and closed almost 9 days on that same support... Which make that support strong. However, last time Bitcoin closed on that support (2018-02-06), volume was huge. Now you can see on the chart that volume is weak and that another strong bounce from this support is unlikely.

So, This support will probably not hold and if we have a breakout, it will probably be powerful because of the strength of this support.

Also, because we have a support at 6k, we could bounce from that level but I don't expect this bounce to be strong since we already bounced from this area with huge volume and BTC looks really weak right now with no volume.

We can see on the 1h chart that we have a bear flag who is about to breakout and because price is currently on that big orange line support, BTC could break this support very soon. So let's see, it will be very interesting to watch.

Stay tuned for more updates,

Fred
Bình luận
Rombit
Your idea fits in with this pattern
Blaz1985
Also on Volume Profile we can see closes HVN at $5600, I think this will be next POC.
mhfcrypto
Agreed. BTC & LTC have formed Bear Pennants on the 2HR & 4HR. Sell-off should occur within next 6-12 hours, IMHO.
orbsatchel
Was the line violated or do you give a day leeway before considered violated?
orbsatchel
@orbsatchel, 04-06 and 04-07
FrederickDupont
@orbsatchel, It wasn't long and strong (in term of volume and drop length) enough to be considered violated even if BTC closed under the line...
Wael613
So do you think 6500 would be a good sell? Or should we have a stop loss around the under low for the day ?
FrederickDupont
@Wael613, I think we could bounce from 6k to 7k and then bounce all the way up from 4.5k to at least 6-7k again... That's all I can say ;)
Thêm nữa