Minor correction in bull trend for BTC.

5 mag 2018

BTCUSDAs you can see on this 15 minute chart, BTC has broken lower out of the lovely support it established during the breakout on 5/3. Hopefully it'll pick back up quickly, but let's look at three support possibilities in the meantime.

A possible Head and Shoulders formation exists if we find support in the upper green box. A bounce here followed by a lower high could spell a reversal and continuation down into my second green box.

The second green box seems most likely eventually, as it is a convergence of historical support at $9600, where we saw sideways movement for quite some time two days ago, and a test of the trend line BTC established on 5/1.

Should we break below the trend from 5/3, the red line on the bottom of the chart will likely catch us. This is a continuation of the breakout from mid April and has the most sustaining power of any of these supports.

Note that this is short term trading advice, trades I have opened in this range have lasted 1-3 days and returned modest profits.

Longterm: Bullish
Midterm: Neutral
Shorterm: Bearish

5 mag 2018

Trade attivo

tradingview.com/chart/WhFSeNKT/

As we can see, the ensuing descent has blown right through the initial bounce zone, invalidating a head and shoulders reversal and moving to a middle ground between suspected support zones.

Obviously this is a no-trade area. My plan is to attempt a long position with a tight stop if we see support in the second green box.