Bitcoin Technical Analysis (Post-Flash Crash Reversal)
During the rush to buy BCH on the GDAX exchange, BTC's price flew down to around $14000 briefly before rebounding. Currently, GDAX BCH/USD appears frozen at the moment, and has cleared the order book: twitter.com/GDAX/status/943307603760648193
As for BTC, it seems to be reversing. On the 5-minute candlestick chart, there is a very loose double bottom, and on the 15 minute chart, it could very well be the case that we will see a reverse head and shoulders, which will trigger the rebound of BTC to nearing our ATH of ~$19600 (given the approximate height of $2000) and testing the resistance. Of course, it is very possible that this does not occur, and that we see further bearish movement, but I feel that this is a real possibility traders should be prepared for. If it indeed appears, there is a possibility of ~10% profit.
The neckline, of course, may be more slanted than drawn. I advise identifying it if it appears, waiting for the break, and buying in for our target.
Trade with care!
As for BTC, it seems to be reversing. On the 5-minute candlestick chart, there is a very loose double bottom, and on the 15 minute chart, it could very well be the case that we will see a reverse head and shoulders, which will trigger the rebound of BTC to nearing our ATH of ~$19600 (given the approximate height of $2000) and testing the resistance. Of course, it is very possible that this does not occur, and that we see further bearish movement, but I feel that this is a real possibility traders should be prepared for. If it indeed appears, there is a possibility of ~10% profit.
The neckline, of course, may be more slanted than drawn. I advise identifying it if it appears, waiting for the break, and buying in for our target.
Trade with care!
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