Sell below 15889. Stop loss at 17446. Take profit at 12840. Reason for the trading strategy (technically): Price has shot up without triggering our sell entry yesterday. We now see that bitcoin is testing major resistance at 15889 (Fibonacci retracement area, horizontal overlap resistance, Fibonacci extension) and we expect to see a strong drop from this level towards 12840 support (Fibonacci extension, horizontal swing low support). Stochastic (34,5,3) is seeing major resistance at 96% where we expect a corresponding drop from.
Great analysis @MEX_Exchange :) ! What do you think about a possible H&S pattern formation
NESARABRASIL
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Diary: We can notice a Shoulder Head Shoulder (O.C.O). But it can also be a leg 3 of fibo.
What puzzles you as a graphical analysis is that there is an explanation for everything. If it goes back to 8k = OCO (reversion), if it goes up, it will say that it is leg 3 of fibonacci
But on the 2-hour chart we can then plot the chart with a falling trend, a double top, and a double bottom. Double bottom region after tracing the downward trend I say. Still broke the trend line of fall of the previous days.
That is: High Trend! If correct then it may be to try to break the last top. Bitcoin becoming a world-wide currency, I believe that soon when it begins to reach a symbolic percentage of the gold reserve (8 trillion usd aprox), the animal will get even more!
HOLD YOUR BITCOINS, who do not know what they do in the trade and need to ask many tips, it is best to holdar and not undo.
tcblue
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IMHO this market will never fully correct until there is another Mt. Gox. Catastrophe is the only thing that can stop greed. Been immersed in this since October and in my 50+ years I've never seen anything like it.
Thanks for sharing your view.
chwi03
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@tcblue, I am also new to Crypto (since late September), but have been (too) immersed in learning... I don’t know how long it will take for it to collapse, but personally I am very concerned about the Bitfinex/Tether situation. If those Tethers are not backed by USD as they claim, this would be a catastrophe indeed.
NESARABRASIL
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Diary: We can notice a Shoulder Head Shoulder (O.C.O). But it can also be a leg 3 of fibo.
What puzzles you as a graphical analysis is that there is an explanation for everything. If it goes back to 8k = OCO (reversion), if it goes up, it will say that it is leg 3 of fibonacci
But on the 2-hour chart we can then plot the chart with a falling trend, a double top, and a double bottom. Double bottom region after tracing the downward trend I say. Still broke the trend line of fall of the previous days.
That is: High Trend! If correct then it may be to try to break the last top. Bitcoin becoming a world-wide currency, I believe that soon when it begins to reach a symbolic percentage of the gold reserve (8 trillion usd aprox), the animal will get even more!
HOLD YOUR BITCOINS, who do not know what they do in the trade and need to ask many tips, it is best to holdar and not undo.
earvan555
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we may need another bullish leg
ottobloom1
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Does it mean we should sell Ethereum when BTC $15800 and $17400 respectively