BTC: Short term 2b bottom possible
Updated
BTCUSD broke the second last supportline just a few hours ago. Downsidemomentum right now is fading and could had been stronger.
BTCUSD is showing a lot of technical trading patterns. This patterns could be traded. Longerterm predictions right now might now be helpfull. BTC still has a full downside risk going to "Zero".
BTC, technical and fundamentaly, before todays (anticipated) reversal pattern:
Last upsidemomentum was during the G20 Meeting:
But follow by a reversal just days later:
Best case scenario now for hodlers and alt coin BTC -1.96% would be a new low with lower momentum than seen before. Same time BTC -1.96% should remain above the downtrendline.
SL @ 6,6k - 6,8k
Maximum short term target: Broken supportline @ 7,6k
Remind the risks.
BTCUSD is showing a lot of technical trading patterns. This patterns could be traded. Longerterm predictions right now might now be helpfull. BTC still has a full downside risk going to "Zero".
BTC, technical and fundamentaly, before todays (anticipated) reversal pattern:
Last upsidemomentum was during the G20 Meeting:
But follow by a reversal just days later:
Best case scenario now for hodlers and alt coin BTC -1.96% would be a new low with lower momentum than seen before. Same time BTC -1.96% should remain above the downtrendline.
SL @ 6,6k - 6,8k
Maximum short term target: Broken supportline @ 7,6k
Remind the risks.
Trade active
BTC @ 6.671: Technically BTC is worse. The fundamental and sentiment facts & figures are bad as well. If ever BTC is able today to close above intraday lows this would be a bullish signal, surprisingly.News:
News - Bitcoin Continues Its ‘Death Cross’ Sell-Off
Investing.com - Bitcoin and other virtual currencies declined on Friday amid increased concern of a “death cross,” in a thinly traded holiday.
Bitcoin was trading at $6,945.00, dipping 7.83% as of 6:56 AM ET (10:56 GMT) the Bitfinex exchange, not far from its overnight low of $6,692.20
The decline in Bitcoin was driven by talk of a so-called “death cross,” which is a term used to describe a crossover of the 50-day moving average and the longer-term 200-day moving average. Technicians often look at this pattern as a bearish sign of what's to come.
Increased regulation and a fall in prices has also contributed to an investor sell-off as interest in virtual coins wanes. Total cryptocurrency market cap has fallen almost below $260 billion, according to data from coinmarketcap.com, the lowest point since November 2017.
Markets in Europe and the U.S. were closed on Friday for the Easter holiday weekend. Trading is expected to be thin as a result. investing.com/news/cryptocurrency-news/bitcoin-continues-its-death-cross-selloff-1371515
Trade active
BTC @ 6.780 - UNCH: If ever BTC is able today to close above intraday lows this would be a bullish signal, surprisingly.SL lowered to 6,5k. Trade remains active.
Trade active
BTC @ 7.050 BTC was able today to ride above yesterday intraday low. This is a bullish signal, surprisingly.Trade closed: stop reached
BTC @ 6.760: Trade closed. Upsidemomentum is fading. Remaining Risk is to high.Trade closed: stop reached
Trade closed: stop reached
Trade Closedtrade opened @ 6.960
trade closed @ 6.760
-------------------------
net loss @ 200
Related publications
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.