BTC/USD Recovery to Fade Soon?
Key Points
¤ Bitcoin price declined sharply this past week and traded towards $7,500 against the US Dollar.
¤ There was a break below a crucial bullish trend line with support at $10,800 on the 4-hours chart of the BTC/USD pair (data feed from SimpleFX).
¤ The pair traded as low as $7,599 and it is currently correcting higher toward the $9,500 level.Bitcoin price is recovering after a major decline below the $8,000 level against the US Dollar. BTC/USD is struggling to move above $9,500 and it may move down once again.
Read full article here: https://www.newsbtc.com/2018/02/04/bitcoin-price-weekly-analysis-btc-usd-recovery-fade-soon/
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Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.newsbtc.com/2018/02/04/bitcoin-price-weekly-analysis-btc-usd-recovery-fade-soon/
While I agree that BTC could potentially go down in price again, I think focusing on the price action in the past week and drawing trend lines on such a relatively short time frame can be misleading. I think zooming out to the one day and going between the 4 hour, 1 hour and 30 mins allows you to contextualize current price action. That picture shows BTC falling below a low trend line for the past week, but what about the price's relationship to trend lines based on highs and lows from the past 2 to 6 months? Thank you for sharing though, I believe it's important to see what the news outlets are saying.
Thanks for your output! I completely agree with you. My long term outlook for cryptos is still bullish. However, looking at short time frame is part of the job for day-traders like me. This post is intended to be a tip for day-traders :)