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BITCOIN UP OR DOWN ?

BITFINEX:BTCUSD   比特币/美元
Hi everyone,
Shall Bitcoin             go up or go down?

Here are the facts on 4-hours-time frame:
Bitcoin             is approaching the bearish trend line and 12k resistance level ;
• On Wavetrend Oscilator, Bitcoin             is at overbought area and approaching extreme over bought level of 80;
Also On Bitfinex, 10,500 shorts versus 27200 longs – about 1:2.7 ratio;

Bulls thought:
If price brakes 12k resistance level and the bearish trend line , and keep holding up at this level, then we finally confirm a bull market.

Bears thought:
If price bounces back at 12k resistance level and bearish trend line , this confirms the bear market still hold on and dangerous.

Probability:
If there is no more negative crypto currency news within the next week or two, there is a very high chance of bulls charging upward to 14k             resistance level .

If there is more bad news about crypto currency news, bears may come out in full force pulling Bitcoin             down ward from 12k level to 10k support level and may breaks 10k support area if bulls are terrify and scatter.

Trading wise:
For bulls:
Tighten stops to book in profits when price reaching near 12k or breaking 12k. And get ready for the bulls run to 14k             .

For bears:
Get ready and open shorts near 12k or when price brakes 12k with tight stop loss orders.

Happy to hear your thoughts and comments;
Wishing everyone trading/investing well.

Note: This is educational trading idea only, not trading advice.


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