Bitcoin (BTC/USD) Trend Down -- My Best Analysis
On September 5th, I posted a weekly chart entitled "Bitcoin (BTC/USD) Weekly 'Overlooked' Analysis" predicting bitcoins breakdown. I have not changed a thing on this chart except to show the same chart on the Daily with the addition of 2 arrows. Bitcoin is currently consolidating on the orgin Gann Fan from the all time high. The daily is showing some upside momentum, but the weekly chart is showing some dangerous downside potential. It appears the trend has been confirmed to down—with the swing lower lows and lower highs as well as the overbalance of downside weekly bars. Expect further break down on the daily to the next fan line below—or the .618% level of the range up (price approx. $7500 level).
Sometimes we get so caught up in the shorter term intraday analysis, we forget about the bigger picture. Bitcoin is currently in an intermediate downtrend, so please only trade on the short side as of the present.
More special timing analysis to come, so be on the lookout for that.
Happy Trading!
BTCUSD
Sometimes we get so caught up in the shorter term intraday analysis, we forget about the bigger picture. Bitcoin is currently in an intermediate downtrend, so please only trade on the short side as of the present.
More special timing analysis to come, so be on the lookout for that.
Happy Trading!
BTCUSD
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