TroyByrne
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BTC going down again? 1hr chart

BITFINEX:BTCUSD   比特幣 / 美元
We just travelled down the entire length of the previous bear flag's pole length and are now building into a bear pennant , if it breaks down we will see a further drop again to under 9k. As always watch for the confirmation of a breakout by looking for a closing candle outside the pennant and see an increase in volume , an indicator like Aaroon can help decide if the trend down is still strong also. Look for oversold /Over bought levels but remember they can stay at those levels for long periods.

Good Luck .
評論: We have bounced off the top of the pennant 7 times and is currently failing to the bottom.
評論: We have broken above the 1hr pennant, watch for close first.
交易進行:
手動結束交易: This trendline is very strong and has yet to be broken, has many bounces. I have closed shorts and watching for indication and possible safe entry into a long. We have a breakout of the downward channel n the hourly also. How quick things can change, that is the thing with Technical Analysis, you must be like water, fluid and ready to make the next move and not be set in a bears or bulls position as a permanent mindset. Good Luck my friends.
評論:
評論: What I meant to say was it yet to be broken since we have started back into the uptrending channel.
You went long?
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@MaxBlue, No I was short already from first bear flag.
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MaxBlue TroyByrne
@TroyByrne, OK. I was also short and got out.
Cheers!
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@MaxBlue, If you are out best to wait and watch then, wait to see if this is a pullback on the way down on the third impulse wave or if the bulls are starting to take back control. Risk management, better to keep your profit now and get back in after you have proof of a break down than risk losing all your profit, lessons that we tend to learn the hard way, myself included. Good Luck.
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MaxBlue TroyByrne
@TroyByrne,
I could see it working its way down to the 9000 area before bouncing back up. Volume right now is fairly low so it could range for a while, which is what I'm going to do. Time to get some food.
Cheers!
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@MaxBlue, Yeah Im waiting for a good entry, either near the top of the descending channel around 11700 for a short or back down around 9k for a long, who are you using for your exchange
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MaxBlue TroyByrne
@TroyByrne, Just got back. I see we did the right thing, closing the shorts. I am trading CBOE futures on Tradestation. And you?
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@MaxBlue, Im on bitmex for futures, I also use houbi and occasionally I find myself on other exchanges. I was thinking about looking at trade station, I heard a bit about it on Chat with Traders. I use IG for forex,but at the moment my fiat is tied up in crypto.
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@MaxBlue, looks like the head and shoulders pattern is coming into fruition.
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According to ADX, the trend is still going strong.
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