Despite having a rally today, we must not forget that the bears have been hunting the bulls for the past 4 days ... so we could just go up to test new resistance levels, but with that said...
TD 9 count still in tact with BTC chart, currently on bearish day 5? I think. 5 of 9, or 4 of 9. So expecting a big move to the upside in 5 days or 4 days. Unless we bounce only to break down to lower than 5K levels.
Bearish engulfing candles are potentially very bearish. Higher timeframe charts rule the lower time frame, and you're looking at a weekly chart here.
A lot of FUD flowing into Bitcoin so I'm more confident in having a short position than a long one. The attack on Bitcoin with Bitcoin Cash looks like it's only starting.
As a business owner who receives payments in bitcoin, I still am waiting on 5 transactions for the past 3 days. As we dip, this information will be brought to people's attention ... in my opinion anyway.
This is more FA, though - technical are just telling me to be out of the market. For now!
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Also we could hit those levels sooner because these are weekly charts! Don't take the arrows for granted, just merely sketching
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I think it is inevitable that we will turn into a bullish engulfing candle this weekend.
Thanks! I hope, BTC wouldn't be killed by dropping it bellow 3k. I'm sure, step-by-step we will be forced to use BCH next year. Most expectable by me next King of crypto.
zeelorenc
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@cellchaos, BCH is more of a short term solution and hyped by a lot of big players. I would just say it was a trade opportunity and nothing more, that's all that I think personally. Fundamentals aside, that weekly candle is SCARY!!
monguilhot
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Void,void,void! LOL Thanks for that trend...
zeelorenc
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@monguilhot, haha, I like to tell people where I strongly feel I would be wrong which would definitely be at that level :P
monguilhot
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@zeelorenc, lets see the volume numbers on Bitfinex... BCH hit 1.2B over 900M BTC on sunday. BCH got back to 500m, but BTC too, to 700 milions. The other altcoins is getting power, or money if you wanna like this :P So, could be a metter of 1 single badnews, someone talking about bubbles, spam could hit down BTC. Anyway... Just my personal view of the scenario and why Im not buying BTC now.