alexyeoh

Ascending Trend line - bulls and bears fight

BITFINEX:BTCUSD   比特幣 / 美元
There's a clearly a fight between the bulls and the bears today.

On the bulls side, we just bounced off the 786 retracement level of yesterday's wave up which means that could be the starting point of a wave 3 upwards. We also have an ascending triangle pattern.

On the bears side, there's a lot of negative volume and selling pressure to push the price below the 786 retracement level of the impulse wave starting from $6500. The last stand would be $6800 before the impulse up is totally invalidated.
The first wave up does not even have a 5-subwave structure. Therefore it's a no trading zone for me actually. When there's a clear path I'm happy to jump in again. But for now the risk is to big.
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