BTC: Broke major support, 50 MA down = downtrend
In the article Bitcoin: Trade the trend and win I talked about how to identify a trend and why you should trade with, not against the trend for maximum profit.
Also in that article i showed at what point I would consider the previous uptrend to be turning down: when 8800 support was taken out.
Anyway, that level has now been taken out. The 50 MA is also pointing down. As a result, I consider this a downtrend, and time to short rallies (or stay out the market until signs of bottoming).
Also in that article i showed at what point I would consider the previous uptrend to be turning down: when 8800 support was taken out.
Anyway, that level has now been taken out. The 50 MA is also pointing down. As a result, I consider this a downtrend, and time to short rallies (or stay out the market until signs of bottoming).
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4- hour bull divergence, at support. Possible bounce inc.
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Fractal played out beautifully!
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An update om that downtrend. Still a downtrend until we are out of this channel
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