matteok

Bitcoin resistance reached?? Use Log scale sometimes!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC has reached the Linear resistance line on the chart, but it is still far away from the logarithmic resistance line. That's why I believe there are 2 possible outcomes for BTC in the coming days/ weeks. Or we will see a big correction or we will see a new All time High, I do believe that the China dip is still very very fresh on the BTC chart. So I believe there is a bigger chance of BTC to go up.

We have reached the linear resistance line so a small correction is very logical. The important price range to watch for me is 5500-5450 (fibonacci). If we break that i wil open a short position untill we reach the support line. If we don't manage to break 5500 I believe BTC will move upward to the logarithmic resistance line.

Any way I am not opening any new positions at the moment untill I have a very clear view on where BTC will head to, when it gets close to 5500 or if it gets close to it's All Time High.

Shorting BTC is always risky!

Please feel free to respond or question my idea.

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