2/7/2018 BTC-USD Bitfinex Chart Analysis

BITFINEX:BTCUSD   Bitcoin / Dollar
* At the time of publishing this post, I do not have any position with BTC 7.94% .

If you're a long term trader, or alike, I would advise against taking any position at this time.

I'd recommend taking position at:

(1) 6292, 0.618 Trend Based Fib, with tight stop loss at $6000

(2) Upon seeing significant reaction (strength of the movement) at the yellow trendline (8400 ish -11.11% ), This way you can put a reasonable stop loss right below Resistance #1

(3) Upon seeing significant reaction to the bottom red trend line .

(4) Of course, the safest bet would be taking position upon seeing 9200-9300 hold.

(5) Simply at $5000.

Please note that we are still in the bear market. You could easily slip out if you chase the price action.

Patience is virtue.
Trade ist aktiv: Short order placed. Bearish Engulfing pattern has been spotted. Divergences show that current price level has reached extremely overbought area. Stop Loss at 9400.
Kommentar: For those who have shorted, my targets are 7500, and then 7000.

Btc Price currently 6% down from where I shorted.
Dont want to see a double bottom, but yes looks likely..
Why is your support the same as your resistance?
@Madherb, Support becomes resistance once we take it down
@Madherb, ah I see what you meant. Just have it fixed.
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