The technical patterns drawn out in this previous analysis were spot on. The falling channel wedge represented the trend, and the significant structure that Bitcoin had been dealing with as of late. On the larger time frame, this channel is the handle of the cup, the pattern that we foresee breaking out, and taking us to the higher high levels marked out on the previous analysis. Since we failed to break it this time, It seems inevitable that we visit the underside of the channel at the $7900 level. Much of the market was trading on the fantastic inverted head and shoulders pattern, and the break of that optimism sent the asset into a free-fall. Ripples are seek throughout the market today with great losses across the board.
Sound technical analysis is essential, making the right move can make or break your portfolio, but there is nothing like having a smashing, fine tuned indicator in your arsenal. Our PXI indicator had the sense to deliver a stunning sell signal before this turmoil, triggering a short at around $9180 which is open with about +10% profit without leverage as we speak. We are keeping a close eye on the levels here, but we anticipate contact with the underside of the channel at $7900 before a swing.
Sound technical analysis is essential, making the right move can make or break your portfolio, but there is nothing like having a smashing, fine tuned indicator in your arsenal. Our PXI indicator had the sense to deliver a stunning sell signal before this turmoil, triggering a short at around $9180 which is open with about +10% profit without leverage as we speak. We are keeping a close eye on the levels here, but we anticipate contact with the underside of the channel at $7900 before a swing.
