VerthagOG
Long

BITCOIN TREND REVERSAL

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Trading was volatile and bitcoin was about 11 percent higher near $7,680 as of 9:36 a.m.The sudden jump forced traders who had bet against the cryptocurrency to buy back into the market.

"Once bitcoin broke higher, shorts were squeezed and forced to cover," said Brian Kelly, CNBC contributor and head of BKCM, which runs a digital assets strategy for clients. Falling wedge , a bullish reversal pattern, meaning an upside break would confirm the tide has turned in favor of the bulls.
Pennant formation, a bearish continuation pattern, characterized by lower price highs and higher price lows. A downside break would indicate resumption of the sell-off from $9,050 (March 24 high).
So, there are conflicting patterns on the daily chart . That said, the failure on the part of the bears to capitalize on the recent bearish outside-day candle could be an indication of an impending rally.

BTC suffered a high volume drop from $7,189 to $6,611 on April 9 ( bearish outside-day), engulfing the previous day's price action.

However, the follow-through in the next two trading days has not been encouraging for the bears, given that bitcoin moved back well above $6,611.
May 09
Comment: Playing out perfectly .
Is is better to miss 100 trades rather than facing 50% loss
thank you awesome
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out