sandipan.mch

Bitcoin on Death Row- Downtrend Prevails

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
1. Descending triangle in formation
2.Price play at pivot
3.20hr resistance band of kumo cloud will resist uptrend heavily
4.Another touch of the triangle upper trendline expected
5.a volume backed breakout expected
6.this triangle is a continuation pattern so downtrend prevails
7.Downtrend follows the fibonacci where the primary fibo ratio of 0.618 is considered the first big support in the play
8.Or the trend may follow as AB=CD where the pattern completes at the 0.886 support level

Disclaimer.. Not an investment/trading advice..
Comment: bearish bat in 5m in action
what's a good buy in time u think? 7.2 or 6.8?
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sandipan.mch rprepelita
@rprepelita, its better to avoid bottom fishing... I have considerable doubt, where the floor is going to form if 8000 breaks.... because this is a new era bitcoins are moving in with this fall, the 2017 bull run is almost over, we may be moving on to a bear market, that is the speculation.... refer to the full explanations in these..

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