BITCOIN THREATENS TO BREAK DOWN
Updated
BTC has repeatedly tested its support line in recent weeks. If it finally breaks down, there is minor support at the horizontal line below and major support at the dashed line that marks the breakout from the two-year downward trend.
The problem for anyone (such as me) who bought near that major support line is that a hard retest of the line could actually take us way BELOW the breakout point. This is because it's a diagonal breakout line, so we would be retesting at a later (and lower) point than where we initially broke out. For this reason, I may consider selling a breakdown from the current support line, rather than risking losing all my accumulated profit.
The problem for anyone (such as me) who bought near that major support line is that a hard retest of the line could actually take us way BELOW the breakout point. This is because it's a diagonal breakout line, so we would be retesting at a later (and lower) point than where we initially broke out. For this reason, I may consider selling a breakdown from the current support line, rather than risking losing all my accumulated profit.
Note
The price has now broken down below the support line, which is of course bearish. It's not collapsing (yet) though, so there may still be hope for a quick recovery...
THE CRYPTO TRADER: How anyone can make money trading Bitcoin and other cryptocurrencies
Published by Harriman House.
This link should take you to your local Amazon site.
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Published by Harriman House.
This link should take you to your local Amazon site.
getbook.at/TheCryptoTrader
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