BTC - return of bears or just a correction ?

Тема в разделе "English", создана пользователем Trading Ideas, 22 май 2020.

  1. Trading Ideas

    Trading Ideas Участник

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    BTC - return of bears or just a correction ?
    Bitcoin / U.S. dollar BITSTAMP:BTCUSD
    FutureBlockchain
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    Hi all,

    So, I was right something big is about to happen given the squeezing price action on Wednesday. BTC , however, was not able to make the big leap forward as suggested and instead suffered a hard rejection.
    idea-image-placeholder.svg

    The double top around $10,000 and the really solid horizontal resistance there, in combination with the dynamic line coming down from February were little too much for the low BTC volumes.

    The symmetrical triangle on the smaller 1-h timeframe resulted in a heavy correction to the zone around $9,000. The horizontal support zone at $9,500-$9,600 also cracked under the bear pressure and resulted in a reversal to the downside. Bitcoin stopped at $9,000, loosing the important long-term downtrend that the BTCUSD pair managed to break for the first time in 2 years.

    idea-image-placeholder.svg

    Generally speaking, the uptrend is still alive (as part of the symmetrical triangle, which is in the making since February https://www.tradingview.com/chart/BTCUSD/WfeaM9kN-Let-s-look-how-BTCUSD-is-trading-on-Friday/) and it is more or less in line with the next support zone I'll be looking at - $8,600 - $8,700, so full attention there.

    idea-image-placeholder.svg

    Up, we will be looking to retake $9,600.
    Cheers,
     
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