[BTC] Still trying to breakout, short term analysis 11.2.18
Hi all, Crypto Sludge here.
TL:DR : still going sideways...
So we had some good movement early yesterday, finally making a higher high @9076 , although very unconvincing. We reversed as soon as we got it with a perfect doji and been going down all day and finally bounced off the 50MA on the 4h chart.
Honestly, it's a weak signal, and this whole movement feels weak, much weaker then any major recoveries we had in the past.
BTC is now back into my no trade zone, i am looking for two points for a upside movement, top of the cloud @ 8850$ and the make trend line @9400$ i really want to see a strong movement above these points. My downside points are the make trend line @7800$ and bottom of the cloud @7400$ if we go down there i will expect a full meltdown.
My overall sentiment remains bearish.
Stay strong.
Trade ON!
Crypto Sludge
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#bitcoin is trying to break out. All it needs is to maintain these levels for longer. Not a reversal by any means yet. We need to see critical levels being broken to the upside and then holding on the retest. Patience is the key.