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Bitcoin Trend Currently Not Clear; Wait For Breakout

By Alexandros YfantisCryptocurrencyOct 07, 2018 05:53AM ET
www.investing.com/analysis/things-are-simple-in-bitcoin-land-200347292
Bitcoin Trend Currently Not Clear; Wait For Breakout
By Alexandros Yfantis   |  Oct 07, 2018 05:53AM ET
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Bitcoin has been trading sideways in a contracting trading range since February of 2018. Price action has made it clear that key support is at $6000-5600. Price has reached this zone more than six times since February and each time support was respected.

The prices action that followed was a bounce…but each bounce was weaker and weaker making lower highs giving us a technically important downward sloping trend line. Resistance is currently at $6860.

BTC/USD
BTC/USD

Traders should be patient and wait for the triangle to make a confirmed breakout. We do not know the direction beforehand and there is no benefit to guessing it. We will follow trend and take positions once we see the breakout. Whichever direction the breakout is, we will have lots of room to move.

Upper target is at 12k and lower target around $400-500. Unreal? Maybe…I prefer to stay on the sidelines now.

Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.

Bitcoin Trend Currently Not Clear; Wait For Breakout
 

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Bitcoin Trend Currently Not Clear; Wait For Breakout

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Disclaimer: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.
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