TomProTrader

BTC/USD - Fall Before The Rise!

BITFINEX:BTCUSD   Bitcoin / Dolar
Hi traders,

Back to the Crypto king, Bitcoin             , let's analyze the chart!

Bitcoin             at present is trading within a corrective structure after a short term bearish impulse leg and has created a flag structure. At present price is at 9100, which is nearing the bottom of the flag breakout level at 8820. If price breaks below the flag structure it will confirm the flag pattern is in effect, and we can expect a 3 wave move down to the lower support zone at 6600 (Which ironically coincides with the previous price low after the Bitcoin             price crash).

Not only is the flag in play, but there is also a death cross which is ALSO acting as resistance! With a death cross of the major moving averages AND being used a physical resistance, this shows extreme danger of a massively weak technical downtrend! If the flag breaks out and the moving averages continue to be resistance and they create a death cross, Bitcoin             will no doubt break down to the lower support level .

Price may not break below the flag, and price could bounce, and find some upside. There's no downside confirm until the break of the flag. Only then the downside correction is intact.

Thanks for reading!
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it played well, did not it?
Balas
@cryptoe, Took a while but the ultimate goal was reached in this scenario.

I am expecting a buy opportunity soon. It's actually ready now, but it's got to correct first for the buy that's going to profit.
Balas
@brecier, Thanks for sharing.
Balas
Tom, I always appreciate your analyses. Thanks for that. I posted a chart last night with a similar view. But still good if we remain open to something different happening than what we think.

Balas
Little fall, before the big fall.
Balas
Thank you Tom for the updates
It became so confusing to me! Everyday new scenario, i am loosing in every single trade :)
I end up buying on high and selling on low :(
Balas
@Danielkh, You should seek trading assistance or you'll continue to lose.
Balas
Danielkh TomProTrader
@TomProTrader, I agree. I am trying to learn as much as i can....
Balas
rebelbassnz Danielkh
@Danielkh, this market is very choppy at the moment. If I wasn't just holding I would've cashed out to fiat until things look more positive. Remember sometimes doing nothing can be a better choice than attempting to trade at the moment.
+1 Balas
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