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trendline

Bitcoin price bearish. Hit downward resistance, price down.

I haven't posted an update since the finex hack. The general sentiment here seems to be a disinterest in bitcoin. With an alt coin pumping left and right every day, it seems like traders and investors are in the beginning phase of diversifying some of their crypto portfolio. Volume and volatility is extremely low right now which is interesting after two big dips. During previous bull runs, a sharp drop is quickly faced with bounce and large volatility.

Bitcoin price under pressure. At the edge of long term ascending trendline.

Bitcoin has been consolidating for the for a few month now. Current price is hovering just above the long term supporting trendline drawn from the beginning of this rally. Bulls need to step up and push above 2800CNY/425 USD. Hovering at the trendline for a long period of time shows weakness. Monday open and ethereum trading at bitfinex are major news events. The first target will be the blue support line from mike hearn's day. Bitcoin and Ethereum is going to be interesting ahead of us. In trading, I have delicated 10% of my account to trading ETH.

Bitcoin trading analysis, a break below this trendline is bearish

Back to bitcoin. If bitcoin breaks below the supporting trendline, it is bearish. We should see further breakdown in price. I think the recent altcoin price rise is a vote for the lack of confidence in the future success of bitcoin. Traders and investors still believe in cryptocurrency, but bitcoin might not be the flagship of crypto in the future. It is this that investors/traders start to diversify into anything else. I heard other garbage tiered coins start going up too.

Bitcoin market down 8 out of 9 days in a row, how far will we bounce?

I don't draw many trendlines, I think we are due for a bounce. Just a bounce, not a trend reversal. I think 1440 is a reasonable target in the next few days. Again, the trend is down. Remember I did an analysis where BTC market was up 5 days in a row? The conclusion was that price pulled backed back before continuing to climb to 300, 15% gain. This downtrend printed 5 consecutive red days, I have not done the backtest yet, but strong momentum downwards don't reverse that easily.

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