Over the past couple of days, BTC has leveled off after following the inverse head and shoulders trend. We can clearly see that BTC has broken the dotted blue line, the middle of our downward-trending channel. It has failed to break the neckline of the inverse head and shoulders with a high volume so far, so I will be waiting until we see a strong move in either direction to make a decision. If we see a strong break about the dotted blue line and the red line with a high volume, that will be a signal of BTC breaking its downtrend. If we see a dip beneath the dotted blue line, we should see it fall further.
I will update this idea as BTC decides which way it will go.
*** This is not a recommendation to buy or sell, this is for educational purposes only! ***
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It looks like we're testing the neckline of the inverse head and shoulders now. We're not quite seeing the volume that I was hoping to see for a strong breakout. The next couple of hours should indicate which direction Bitcoin is heading!
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BTC made a pretty big jump last night, with a pretty big MA deviation and trading volume. I think it might be slightly overbought as the volume and momentum are both down. I do think that this the breakout above the neckline that we were looking for, currently looking for the best entry point.
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And I'm in at $9,300! I'll be using the dotted blue line as my stop loss and looking for BTC to close today above our neckline with positive MACD and a high trading volume.
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We've seen a steady growth today in trading. Looking at the charts now, Bitcoin has broken through the projected long-term moving average. If we do not see it dip back below this line, we'll see Bitcoin continue upwards to test the upper boundary of our channel. That's another battle and I'm anticipating heavy resistance to this reversal past the long-term bearish trend. For the time being, I'm holding tight!
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We've easily broken the long-term moving average. We're headed towards the downward channel upward resistance level!
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To see my short-term analysis on Bitcoin, see my post here: