Sunday, August 25, 2019

BTCUSD Technical Analysis (06-04-19)

Progression. It’s often a word thrown around by many without the slightest clue what it means… so let’s talk about it! 

Yes; distribution, big resistance, rising wedge. We were looking for shorts yesterday and are now in the move we were looking for. 

But staying short is a challenge because it should pop back up to test 8739 area. Why? Dunno? That’s how double tops work. The price will generally pop after it’s lost support and finished forming an M, and then will come back up and test the apex of that M, before coming crashing down. 

I wouldn’t want to be shorting here, as bearish as this looks there are too many zones below here that could cause big pops. 
Speaking of pops, there is definitely room to play the pop off 7620, but ultimately I’d be looking to get back in short once we fail the apex of the double top . 

I’m marking this idea as neutral for this morning. 
I set an alert for 7640

Bearish progression by BTCNN on TradingView.com

Leave a Reply

Please Login to comment

More Articles

China Introduces Anti-Anonymity Regulations For Blockchain-Based Companies In The...

A new regulation for blockchain related firms has been put in place in China, and it is expected to be effective Feb 15. The...

Expert Claims That Bitcoin Price Has “Bottomed”

Cryptocurrency prices and the movement of the market are difficult to predict; still, there are so-called experts that try to make predictions about the...

30 New Cryptocurrency ATMs To Be Launched In India

One of the major exchanges in India announced the launch of 30 cryptocurrency automated teller machines (ATMs) in the region. As disclosed by the...

Indian Government Considers Launching a State-Backed Crypto Token For...

The Indian government is considering the possibility of launching a digital token of its own which would be used for financial activities within its...

Study: Fintech Sector in Switzerland Sees Growth as Traditional...

According to a study carried out by the Institute for Financial Services Zug (IFZ), there has been an improvement in the Financial...

External Auditor’s Report on Bithumb’s 13 Million Dollars Hack...

Following the recent hack on Bithumb exchange system, an audit was piloted by an external auditor on the South Korean based crypto...

Russian Companies Launch Bitcoin ATM Tracker Site

Nanobit and Sova.rf, are two Russian companies that have launched a Bitcoin ATM Tracking website. The platform shows locations in Moscow, the country's capital...

Bitmain Rumours To Lay Off 50 Percent Of Its...

Bitmain, one of China's largest crypto mining company, now seems to be in chaos and their employees might be the ones who will suffer...

Ethereum to Appreciate by 700% in 2019, Claims Tom...

Contrary to popular reviews, popular cryptocurrency Ethereum (ETH) is about to see its value shoot up by more than 700 percent according to Fundstrat...

Inflation Growth Forces Argentines To Adopt Bitcoin

The acute hyperinflation that is ranging in Argentina has made its citizens to adopt the Bitcoin usage. The inflation which is at...

Cryptocurrency experts warn of investing unwisely

The cryptocurrency market is a very volatile one. It is a market that is open to great fluctuations in very short periods of time....

Paying Taxes With Crypto: A PR Stunt?

Cryptocurrencies have been well-known around the world through its various usages in the market. Some of these involve for investment and payment for bills,...

Latest Articles

Microsoft 70-411 Exam: Everything You Need to Know

We can’t deny the fact that the world is moving towards the future faster than ever before. Not a day goes by that we...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...