I will be posting new charts more frequently if older once stop supporting the trend lines, the market tends to evolve quite rapidly after all. In this scenario, we see an Inverse H&S, which should normally result in upward price movement. It will retest where the major resistance is aka begin dump and historical resistance points. At these resistance points it will correct, also fibs retracement and will make a cup and handle to break through these upper resistance levels, resulting an end of the dump. We might see a double top forming or it might even break the ATH (cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india) sending it to new levels. For now this chart should support us with bitcoins movement. So stay tuned!
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If we break down at 2625 we are heading down to lower floors.Note
BTC failing inverse head and shoulders. The first picture i posted should be a referenceTrade active
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I want to make a very clear statement, holding margin positions is now dangerous. Have a read on this article, this happened on Ethereum on GDAX Exchange. The possibility that these sell offs of a mega whale can happen is present for all pairs that are being margin traded. I think this is bad news since the market is is kind of overbought/toppy and other longterm holders might decide to do the same or are scared that even their margin gets liquidated.Very useful read: media.consensys.net/why-the-gdax-ether-flash-crash-isnt-surprising-and-what-it-means-for-crypto-2618c98779f6
At this point in the market I won' t be opening any margin positions anymore. Gains are better but losing all is just terrifying.
Trade active
Seems to stay inside on 15min chart, we could be heading upwards if this breaks out, but until it breaks out everything is possible.Note
Lots of undecisive sideway movement.Note
The Inverse Shoulder Scenario is now officially rejected. Will keep doing updates on here, btc going down at the moment.Note
Dumpchannel should act as supportive channel now. Should bounce at 2525 USDNote
If we break channel strong bearish continuation. next support 2450Trade active
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By the way we also failed the blue box fractal that should act as the previous run up. Another indication this bull run might fail!Note
Breaking down the dump channel! Bad sign!Note
Should be heading towards 2300-2450Disclaimer
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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.