Bitcoin made a nice bounce of the support line, and the price will likely rise over the next few hours. Right now it is forming triangle and will break out of it within the next 2 weeks. I think the chance of it breaking above the triangle is greater than breaking below as Bitcoin has not completed 5 Elliott Waves.
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Price broke below triangle. Be extra careful.
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Short term bounce coming up
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The price probably will recover at least $400 (or more).
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If case you didn't know what the chart above meant, Bitcoin is forming Falling Wedge/ Rejection; The bears tried to push the price down and failed.
You mean bounce with no volume? No it was not nice bounce. Its more likely dead cat bounce.
aoeuaoeu
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@MiloszKaszynski, The volume was 5000, which is questionable like you said. However, it is higher than the typical volume though.
MiloszKaszynski
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@aoeuaoeu, I will add to this that during bounce was more selling orders than buy. This means that there is high market pressure.
AndosJ
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Head and shoulders in the triangle?
aoeuaoeu
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@AndosJ, The volume doesn't support the pattern as there is low volume during the head. However, pay careful attention and sell if price breaks below triangle.