Been a while since we looked at bitcoin, that's cause a lot of sideways move makes for boring reviews. So here we go after the recent dump we have removed some clutter out of the chart and zoomed out for a bigger picture type of trade opportunities.
What's new?
-Bitcoin is approaching what we believe is the strongest resistance line going back to its first ever parabolic move
-Failure to hold this line will see us crashing hard into yet lower lows and most likely revisit 7000 ranges
-As time passes with more and more drops we being squeezed into an ever tight channel and 10000 becomes support the bulls don't wanna drop
What's the Good News?
-Well, one could short until 10000...will take some balls, or paws!
-A trend reversal is always looming, the RSI is extremely oversold, flirting below 30
-Targets for the Bulls should that rally come 10900, 11400, 11800
-Breaking the sloping resistance could see us retesting 12300 failure to breach it would see us rinsing and repeating the same old trend
As always Trade Safely, Happy Trading!
Words from the skeptical: Bitcoin is nothing but a Ponzi Scheme for the moonboys, this is not financial advise, I am nothing but a moonboy!
What's new?
-Bitcoin is approaching what we believe is the strongest resistance line going back to its first ever parabolic move
-Failure to hold this line will see us crashing hard into yet lower lows and most likely revisit 7000 ranges
-As time passes with more and more drops we being squeezed into an ever tight channel and 10000 becomes support the bulls don't wanna drop
What's the Good News?
-Well, one could short until 10000...will take some balls, or paws!
-A trend reversal is always looming, the RSI is extremely oversold, flirting below 30
-Targets for the Bulls should that rally come 10900, 11400, 11800
-Breaking the sloping resistance could see us retesting 12300 failure to breach it would see us rinsing and repeating the same old trend
As always Trade Safely, Happy Trading!
Words from the skeptical: Bitcoin is nothing but a Ponzi Scheme for the moonboys, this is not financial advise, I am nothing but a moonboy!
