Short
BTC short term, SHORT? or buy the dips!?
Hello everyone!
Below I have some logarithmic and some normal charts with their potential support levels.
The main chart is my logarithmic BTC-e Chart, which last night held support perfectly. However if that support breaks, we are going to need other charts to get some entries/exits for our longs/shorts. My belief is that we are going to hold at 2200$ for a bit and that this could be good buy point or exit for your shorts.
Like I said in my previous idea, the altcoin/ico bubble going down and the uncertainty (in a smaller extend) over Segwit and the Hardfork are the main reasons for pushing the price down at the moment. Until the situation gets more clear in about a month and we have a resolution in less than 2, the price might already be above 3000$.
In terms of oscillators/momentum and moving averages, what I am seeing is that we have plenty of room to the downside, yet we are oversold. Even if the trendlines break, the first break is a buy the dip opportunity. The main trendline since March of this year is clear support near 2000$ and I consider that a great buy. Not a long term buy, but a buy that could give a nice 200$ run.
Bitfinex should hold around 2150-2200$
Kraken - Short term 2200$
BTCC - Support at 17000CNY, but has broken all strong support.
My exotic pairs index shows that we already broke short term support and have another 230$ to fall.
My USD index shows that we are flirting with the support and we are about to break it. If we break 2300$, then we could go to 2150$ and and then 2020$
Below I have some logarithmic and some normal charts with their potential support levels.
The main chart is my logarithmic BTC-e Chart, which last night held support perfectly. However if that support breaks, we are going to need other charts to get some entries/exits for our longs/shorts. My belief is that we are going to hold at 2200$ for a bit and that this could be good buy point or exit for your shorts.
Like I said in my previous idea, the altcoin/ico bubble going down and the uncertainty (in a smaller extend) over Segwit and the Hardfork are the main reasons for pushing the price down at the moment. Until the situation gets more clear in about a month and we have a resolution in less than 2, the price might already be above 3000$.
In terms of oscillators/momentum and moving averages, what I am seeing is that we have plenty of room to the downside, yet we are oversold. Even if the trendlines break, the first break is a buy the dip opportunity. The main trendline since March of this year is clear support near 2000$ and I consider that a great buy. Not a long term buy, but a buy that could give a nice 200$ run.
Bitfinex should hold around 2150-2200$
Kraken - Short term 2200$
BTCC - Support at 17000CNY, but has broken all strong support.
My exotic pairs index shows that we already broke short term support and have another 230$ to fall.
My USD index shows that we are flirting with the support and we are about to break it. If we break 2300$, then we could go to 2150$ and and then 2020$
Note
Hello everyone!So Bitfinex, Kraken and BTCChina behaved as expected. BTC-e held that support level and we are closing positive today!
It looks like there is a breakout and we could be testing 2500$ soon!
What I really noticed that is very positive divergence on Bitstamp across all oscillators etc
Many major altcoins formed double bottoms and broke most resistance too.
On Bitstamp we bounced of the 50D MA too
I really want to turn bullish as soon as possible, but the fundamentals make me think twice...
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.