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Bitcoin (BTC/USD) - Triangle Breakout Open up Downside Towards $7565; Monitor $8350

We recently saw Bitcoin (BTC/USD) stall at a triangle support. We noted that if the rally fails to push above $8700, a subsequent bearish breakout is likely. 

This is exactly what happened. After price failed to push above $8665, the subsequent downswing broke the triangle support. 

BTC/USD 1H Chart

  • The 1H chart shows that price fell to around $7900 before finding support. 
  • Now, if price fails to push above $8300-$8400 area in the next global session, the following global session will probably fade BTC/USD back towards $7900-$8000.
  • Then, a break below $7900 should open up the next pivot around $7565 all the way down to the March low of $7310. 
  • A break above $8400 on the other hand could initiate a stronger rebound towards $9000, and towards the $9400 area. 
  • First things first, let's see how the market reacts around $8400. 

Crypto Trade Board (3/26/2018) Update

Crypto Trade Board 2.0 (3/26/2018) - Filled: RCN, VEN, WAN, XLM - Open trades: BTS, MCO, XEM, XMR