BTCUSD LONG
Updated
-Long bullish candle rejected support zone; fakeout confirmed.
-1H; inverted H&S maybe?-
-1H; inverted H&S maybe?-
Note
Price must go beyond $10450, before I decide to enter. At bitcoins current price, the exchange rate would have broken through all stop levels. the cryptocurrency market itself lost nearly $39 billion in market capitalization as sellers tried to find bids.There is no one clear reason for the sell-off, but the daily chart has been warning of a move for the last 2-3 weeks as a descending wedge (triangle) pattern took shape. I had originally envisaged a rise due to the strong hold of the support. However, the moment the horizontal support zone was broken, the sell-off accelerated all the way down around $8,000 before a small pullback.
Again, re-instating my main focus.. I will be waiting to go long, once price moves in my favour. I don't trade against the current trend, I follow it. If it's not moving up, I'll wait.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.