The price got rejected at the 0.65 retracement level which is a little bit above the resistance of the rising wedge. If this pivot high holds the first zone for the next pivot low is 5280 - 5150.
Sometime between the 11th and 19th of Sept we expect to see a change in trend direction.
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BB% Bearish Divergence on the daily chart.
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RSI, SRSI, BB% Bearish Divergence on the 8H chart.
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The 4H chart shows bearish divergence between the last lows. We have a lot of signs that are telling us the bulls are getting tired and the bears might regain control soon.
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Breakdown confirmed by volume but watch out for a possible retest of the wedge. If you shorted from 7200-7400 you could put your stop in profit, above the former support of the wedge or if you think that it will make a fake entry in the wedge then put your stop in break even. At this point there is no reason to keep the SL above your entry.
Thank you my friend!! I am selling til bitcoin reach $2500.. maybe $1100-1200
JohnNMex
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@AlphonsoElliottJr., hmm...it's not that improbable. From nov 2013 to jan 2015 btc had an 87% correction and if you assume that this bear market will also end after an 87% correction this means that BTC will fall to ~ $2500 but if we imagine such a scenario we believe that 3000 could be the bottom because it acted as resistance 4 times and after we broke it we retested it 40 days later and confirmed it as support.
AlphonsoElliottJr.
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@NewMexCapital, We may alot of consolidation down there ... i am quite sure. I will just be waiting on some back to back bullish signals,
gumbler
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Transaction confirmed! Happy hours started! :D
mf_doom
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JohnNMex
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@cosmicube, how many times can you expect from the support of a ~ 9 months descending triangle to hold?