Bitcoin updates - Trapped in the triangle
Updated
If you look at the trend of the BTC/USD on BITFINEX, Bitcoin looks extremely week and is struck in a triangular pattern.
10,000 looks like a great support level for bitcoin unless it breaks and goes below previous low , we might see levels of 5000-6000
If you look at the volumes of global market for bitcoin, it has drastically gone down in comparison to other coins in the market
Bitcoin market dominance was near 66% in Dec 2017 at the end of the year and now it has come down to 33% (half)
However, Etherium has gained from 11% to 22% at the same time in market dominance.
If Bitcoin does break the triangular patter to the upside, I wont be considering it bullish till it breaks the triangle above 12000
Facebook - facebook.com/Adminbitweeth/
Website - bitweeth.com
Facebook - facebook.com/Adminbitweeth/
Website - bitweeth.com
Comment
As of now, bitcoin is trying to hold 10000 level. Sentiments are still down, volumes are low. Some with think it as a buying opportunity, however, still suggest to wait for a breakout. Don't go with price point, sometimes it's better to wait for the correct indication than to hurry.I am still bearish in bitcoin and will not buy on dips until the clarity is achieved.
Day traders can trade on upside for 100-200$ points. It may come down then, however triangular pattern is still alive.
Defenitely trapped in a triangle
Comment
Bitcoin is close to 8000$About to reach the end of triangle
Trade closed: target reached
The idea couldn't get an better, you have seen that we have reached our target pretty sooner.Bitcoin reached the lows of the triangle and have achieved our target.
As of now I expect movement between 7000-9000, however, it may bounce back to higher is it makes higher high and higher lows.
This is the time now where you can start accumulating BTC or other coins in your portfolio.
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