As previously stated I was short BTC. Indeed the upper downward trend line faced rejection and subsequent sell off. The question is where is support. My speculation for now would rest I think a lot will depend on whether we break below the psychological $10,000 mark. If so, possible to test the 200 EMA?
I forgot to mention... BTC in weekly chart is trapped under 20 SMA and over 5 SMA. And in monthly chart there is a big dragonfly doji fighting for 5 SMA. Since 1.000 BTC never closed a month under 5 SMA.
allanrcferreira
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Yes, we let 50 and 100 simple moving average behind, and upper trendline from the channel. The first target is 200 simple moving average at 8300.
Why you don't try to use weekly chart and Bollinger Bands SMA 20,2? Try to look where 100 simple moving average, Lower BB and you descending lower trendline: everyone together at 3.800 - 4.000.
Lain33
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@allanrcferreira, Thank you, I'll take a look and play with those settings. I would LOVE to buy BTC back at $3,800 but wonder if we get that lucky.
allanrcferreira
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@Lain33, who knows? This perfect storm could happen... or not. But we know what to do if this happens...