A very quick and simple update [i](done on limited analysis)[/i].
Bitcoin has been Trending Down in price, since my Short/Entry @ Top, 馃斀 鈿狅笍 [b]however, it does look like BTC could see some recovery soon, today. 馃敿[/b]
I wouldn't consider Bitcoin out of the woods yet, until further price data is available, but it does look like a recovery bounce is due today.
(Opinion could be useful consideration for those who take Short-Term/Scalp trades.)
[sep]
[big]April 21st Update:[/big]
Good thing I Cancelled that quick Scalp Buy attempt early, yesterday (19 hrs ago). 馃檪 Avoiding any losses. 馃洝
[u]For those confused:[/u] Yes, I continue to keep my initial Shorts/Sells from BTC $30974, open, since I wasn't convinced that this current down-trend is over.
I can scalp-trade on other BTC/USD pairs, to attempt making quick intra-day profits (while trying to share some optimism).
Still looking for some slowdown of this Drop, to Buy for at least a short-term bounce today.
Bitcoin is not recession or inflation proof, it will be sold to pay for increased costs elsewhere as it is not generally held by the extremely wealthy. Pressure will increase on its value as the cost of living rises.
Your chart had an inverse head and shoulders a few days ago which fulfilled by leading to a retracement equal to the difference between head and shoulder which is the current price, and having fulfilled creating a possible retracement the same value again. The low at the end of March is a support area, the uptrend markers on your chart are broken and should be discounted.
A move above the low of 17th April would negate the head and shoulders and restore a potential uptrend. Otherwise the chart indicates a downward trend forming.
@meJess Nice analysis. That's why I still have my Shorts/Sells from BTC @ $30974 open.
[quote=meJess]the uptrend markers on your chart are broken and should be discounted.[/quote]
I wasn't suggesting an Uptrend, only a "Bounce", for those who day-trade smaller movements.
The trade setup was suggested for a short-term Scalp Trade, and not a larger price reversal.
[quote=ADtrading ][b]I wouldn't consider Bitcoin out of the woods yet[/b], until further price data is available, but it does look like a recovery bounce is due today.
(Opinion could be useful consideration for those who take Short-Term/Scalp trades.)[/quote]
Updated in my last comment yesterday (before today's breakdown), that I wouldn't risk that scalp setup, as the reaction at support was weak.
