Hello guys, so I said in an earlier post that I am in a long position for BTC/USD, and I still am, but it is looking increasingly likely that my stop loss will be hit and we may in fact be continuing the downtrend unfortunately. Let's take a look at the 4-hourly, daily and weekly charts to see why I am more towards the bearish side now.
4-Hourly
There are actually two 4-Hourly charts I wanted to share, one just showing the break-out of the Ascending Triangle to the down-side and also what price is doing in relation to the Fibonacci retracements of the most recent move up.
Daily
On the daily chart price looks like it is going to close outside of this Rising Wedge pattern, but no confirmation until this close occurs.
Weekly
Pretty strong bounce off of the 0.382 fib retracement level of this overall down-move. Will it hold long-term? No one knows but it is a Bearish sign currently in my mind.
Thank you for checking this post out guys, and let me know in the comments below what your thoughts are. If you want to post your own analysis feel free to do so, and we can learn how to trade/invest together!
Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.