BTCUSD Turn your eyes away for 2 minutes a 5minute candle dump!
A single swift five minute candle has brought us crashing down $600+ below the critical sloping support which proved too much for bitcoin to climb past right now. Not only that but we now find ourselves beautifully supporting on the sloping Support line and a fall below that could see us easily reach 11000, nothing out of the ordinary here so far as we still in healthy consolidation area.
For those who successfully shorted this drop well done (Special mention to one of our past posts predicting the future like boss: Double Top Rejection...Is this what the Bears need?!)...guess we were on the money :).
That said, Bull Targets:
11400 (we need to trade above this to avoid further drops), 11600, 11800 best case 12000
Bear Targets:
11200, 10900, 10500 worst case 10000
The RSI is looking rather bearish a trend reverse and climb above 50 at least is needed for a rally to the upside.
A wise man once said: Follow your own gut, this is not financial advice!
As always Trade Safely, Happy Trading!
For those who successfully shorted this drop well done (Special mention to one of our past posts predicting the future like boss: Double Top Rejection...Is this what the Bears need?!)...guess we were on the money :).
That said, Bull Targets:
11400 (we need to trade above this to avoid further drops), 11600, 11800 best case 12000
Bear Targets:
11200, 10900, 10500 worst case 10000
The RSI is looking rather bearish a trend reverse and climb above 50 at least is needed for a rally to the upside.
A wise man once said: Follow your own gut, this is not financial advice!
As always Trade Safely, Happy Trading!
