Bitcoin broke down from the channel I talked about yesterday. But it did not hit my target, it was not as big fall as I expected. We are still really near that channel so it is possible to break again in or even through it on the way up. There is also a possibility that we can hit my lower target from yesterday.
I wanted to talk about a symmetric triangle that I saw on Bitcoin (15min chart) and it was looking like it will break up soon but before I finished writing this article it broke up from that right back in the channel from yesterday. So now we can see that break down I was talking about it the first part of this post like a simple bear trap. It still does not mean that we can’t fall down again but it is a good sign. In the end, my TA is almost same as yesterday because there is not really much going on.
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UPDATE:
Now it is about an hour after I have posted this we break up from that price range or at least it is looking like that for now. We could hit the confirmation range today if this is not a bull trap. It is going a bit down again so it could be a bull trap. I just wanted to update it so it is current info. (edit - 9:33 central Europe time)
- Tom
I am NOT a financial adviser of any kind and I am NOT responsible for any financial decisions made by you. I wish you a very profitable trading!