Bitcoin (BTC): Hunting For The Top for BITFINEX:BTCUSD by Nickonomics

Bitcoin (BTC): Hunting For The Top

Yesterday we didn't expect Bitcoin to go much higher than 9350-9500 ("reversal zone"). The trigger for going short was placed at 9015. Price has indeed stuck in this range without triggering any action. Currently there is no confirmation that a top has been formed as a break above 9550 will suggest higher prices. Still, I'm moving the intraday sell stop order to 9250 area.

P.S.: A nice and smooth reversal did take place in altcoins. Yesterday's Ripple setup:

And the result:

Note

Approaching the trigger. Looking for an hourly close below it to short:

Note

Hovering near the target:

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First target hit.

Note

Price is coiling within emerging Flag pattern. Resistance zones @9150 & 9270.

Nickonomics

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Nickonomics