MichaelvandePoppe

BTCUSD Chart 15 January 2018 Short Term

COINBASE:BTCUSD   Bitcoin / Dollar
Alright, there's the next chart on TradingView, this time it's an overview for Bitcoin             .
What do we see? Well, we've seen some massive growth in November and December from Bitcoin             , after that it's retracing downwards. What do we see more?

It's in a channel right now, actually on the bottom and lying on the support. In the past few days it have been bouncing on the support a few times and actually today we've seen an upmove. Also we see that there's a potential Elliott Wave going on in this triangle and we see that there's a big resistance in play.

Does this automatically gives us the right to state that it will go up? No. As we see with $XVG, it's not a bullish pennant , but a symmetrical triangle, where it's literally 50/50 which way it will go.

Bullish: We break the main resistance from this triangle and we flip bullish . In that case the top of the channel will be in play, which is around 25K             . This is the end of February/beginning of March.

Bearish: We can't break this resistance and we'll drop down to the lower line, which is the primary trend line . According to this one, we can state something more: The spike on 1 is leg A in that case. The spike on leg 2 is leg B in that case. The drop down is leg C from the ABC correction (if this one is in play).

So bear in mind these things when trading and use stop/losses. A sudden drop down or a sudden price rally can influence your alts.

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