BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
In my last BTC analysis, I said it should trade above the pink before it could gain strength again, and a retest of the black line would be ideal. Well, BTC traded above the pink line, it even found a support at it once, but then it failed and now seems it’s seeking the previous bottom at $ 8,665.

There’re some points we should keep in mind. If BTC loses the purple line at $ 8,665, the next support it will find will be around $ 8k, the bottom of the "halving crash", check it out:


Here we see that BTC lost an upward trendline and couldn’t keep the price above the light blue line at $ 9.2k and the bulls lost a good amount of their strength. It’s interesting how the $ 9.2k is a strong price level, and it was the main target of one of my first trades I published here, from $7k to $9.2k, the link is below.

It’s not a bear trend yet but definitely BTC doesn’t thrills me at all right now, neither to long or short, and there’re much more interesting stuff around.

Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume ). Like this idea if it helped.

Thank you very much.

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Comments

I love how straightforward and easy to read your charts are. Thanks for making the numbers big enough to see!
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Nathan_Black fastcasher
@fastcasher, Hey fastcasher, thanks for the support! Stick around for more updates!

I wish you well.
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Detailed and clean chart, good job. Here's also mine explains how we might consolidate here from the bears for some time.
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Nathan_Black triquista
@triquista, Thanks triquista! That's a very good analysis, a consolidation seems the most reasonable scenario right now.

Trade well.
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