Batrachotoxin

BTC continues showing bearish favor this week

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Batrachotoxin Uppdaterad   
BITSTAMP:BTCUSD   Bitcoin
A bearish pennant pattern appears on the BTCUSD chart, indicating that the pump and dump schemes in the recent days will end up with a flash crash to $8500 area, as mentioned in the last analysis.

Besides, BTC faces strong resistance of MA50 on the H4 timeframe (around $9800), there was a small chance of BTC to break this resistance on the first try. A decline of that resistance can push BTC back to $9100 area, and if that support can't hold, BTC will dump more.

The ideal short/sell zone is around $9800, with a stop-loss to be put at $10200. Targets for this trade are $9400, $9100, $8800, $8500.

Supports and resistance of BTC are posted in the last analysis below.
Kommentera:
There is a 50-50 chance of BTC to go on both directions. I am still bearish at this moment.
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