BTC USD - Broken lower line could signal new lows below 13500
Just a quick one, as monitoring the general BTCUSD trend to inform my context for altcoins markets
BTC has formed a nice triangle with responsive supports, which showed initial potential for consolidation and move up.
However, strong failure of final support suggests the bears may have broken through, possibly hitting residual supports for longer term traders still in place from the original trend lines (may be coincidental, but raising for discussion as the trend is clearly in line, and marked in light blue for reference).
As such, we may now be hitting the lower restraints of the longer term traders - my view is that a second bounce off of 13,500 could signal a reversal if the market has the appetite and the longer term traders respond. However, if this line is broken we could see the trend continue downwards over the next few days, with the possibility of consolidation around 13,000-12,800.
Opinion not advice - comments welcome
BTC has formed a nice triangle with responsive supports, which showed initial potential for consolidation and move up.
However, strong failure of final support suggests the bears may have broken through, possibly hitting residual supports for longer term traders still in place from the original trend lines (may be coincidental, but raising for discussion as the trend is clearly in line, and marked in light blue for reference).
As such, we may now be hitting the lower restraints of the longer term traders - my view is that a second bounce off of 13,500 could signal a reversal if the market has the appetite and the longer term traders respond. However, if this line is broken we could see the trend continue downwards over the next few days, with the possibility of consolidation around 13,000-12,800.
Opinion not advice - comments welcome
Komen:
After hitting the final support just under 13900, a strong breakout through the upper support as the minute traders fall out of the market and the supports fall away. A real test of momentum now to see if we experience a recovery past previous peaks at 15000 and 15400 and buy outs at T1 for those trading on fib rules
Komen:
Updated view now posted
