chongyinliang
Short

BTCUSD More downside?

BITSTAMP:BTCUSD   Bitcoin / Dollar
110 0 1
Now that we have structure to work with, my bias is on the downside for BTCUSD             . I shared a H1 chart on Twitter 4 days ago when price has yet to break out of the rising wedge pattern. After breaking out, we can see a re-test and bounce off of the trendline as well as the 200 MA.

At that point, I would have entered a short trade because:
1) Unsuccessful attempt of breaking higher of broken wedge and 200 MA
2) Price rejected from turquoise & yellow trendline of RSI 14

Ever since then, we can see another re-test of the 200 MA on the H1 chart and 200 MA still holds.
Kommentar: Idea no longer valid. Price is in bullish territory now.
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