After many days in a trading range of approximately 4%, bitcoin finally broke the falling wedge and made a "Pump" of more than 10% in the last hours. There was a break with great volume and the price jumped fast from $3420 to $3800. This movie up was expected in the break of the figure (falling wedge), as I mentioned in previous charts that you can follow in my tradingview profile.
If you could not get on time and get this beautiful move, the time for a LONG for sure is NOT NOW, the price is currently at $3737 and should make a retracement in the coming hours reaching at least $3605 which is 0.5 fibonacci.
I will continue to follow the charts and bring updates, but for now this is the scenario, $3605 is a support point that must be reached and then we can re-evaluate the whole scenario for the next few days.
God bless.
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Completing... BTC touch perfectly the downtrend line of the descending channel, which is a major trend in play in short-term timeframes, also is trying to stay above the 200MA but I dont think it will hold for now. Probably we’ll see the price turning back below the 200MA and then fighting to breakup again.
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Trading Idea (SHORT)
#BTCUSD (BITFINEX)
Leverage: 3x
Sell-Short at: 3750+
Target: 3675 (+6%) and 3605 (11%)
SL: 3825 (-6%)
Orden cancelada
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BTC made a retracement upto $3628 which was very near to 0.5 fib level as I said some hours ago and then started to go up again, so the movement that I was expecting already happened. Im canceling the SHORT signal given in the last comment.
Anyways the price made the movement very similar with my expectations.