Bitcoin in a Make/Break Situation ?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
If BTC respects the trend line as it has in the past then we might see 6K levels soon.
Comment: Trouble for bitcoin when mining rewards will be cut in half. Hard for it to double or even move outside the trend line.
Another confirmation for a downtrend coming up.

Still have an SL around 9300-9400 range before getting out of trade.
Uncertainty in the charts for now. BTC is trying to cross the trend line but is facing a lot of heat around 9300-9400 levels. Might make a long tail and close inside the trendline but markets are supreme & if the direction changes so do our view on the markets.
If the weekly close is above 9350 then the direction will be assumed changed and we'll go long on the BTCUSD.

Happy Trading :)
Trade closed: stop reached: SL hit @9400 for now. Weekly close important.
Comment: Bitcoin inside the trend line on the last day of the week after making a +1200 points move. What a lovely pullback. Starting tomorrow we might see a red week or a couple of those till it hits the lower trend line/EMA.

Will update more tomorrow.

Happy Trading :)


Agree 6K!
+1 Reply
Why don't you any more confirmation before initiating the trade?
Sarthak_Singh iamsumit001
@iamsumit001, It'll be a short term positional trade and my money will be locked for the time being, that's why not taking this one.

You can short it with a SL around 9300 if BTC goes outside the trend line.

Short again if gets back in again without closing above the trend line.
+1 Reply
iamsumit001 Sarthak_Singh
@Sarthak_Singh, I wanted you to add more indicators for better confirmation.
+1 Reply
Sarthak_Singh iamsumit001
@iamsumit001, No need for complicating charts.
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