Analyzing the latest move on BTC 
Analyzing the latest move on BTC 

By EliteElliott | Crypto TA | 9 Nov 2019


When you know what to look for, you won't get surprised, when BTC decides to make a move. All the information that you need, to make an educated/calculated decision, is in front of you, hidden in plain sight. All we need to do is to train our eyes and our minds to see the signs.


Let's take a look at what happened on the BTC chart before the Price broke down:


-Inside the Flag, the Price action has created a Short Term Uptrend, marked by the Trend Line. This Line served as Support until the Price came in contact with the top of the Flag.


-Upon making contact, the Price got rejected, creating a Lower High (a first possible sign of a trend change)


-Then came another Lower High


-Then the Price punched through the Trend line, and for the first time, a Candle has managed to close below the Trend Line creating a Lower Low. (another sign of a possible trend change)


-The confirmation of the Trend Change came in when the Price tried to move back above the Trend Line and got Rejected by a series of Long Wicked Candles and to put the final nail into the coffin, a Bearish Engulfing Candle has appeared.


A Short Position could have been taken right after the Engulfing candle closure, with a tight Stop Loss above the Trend Line. 


I hope You guys found this Informative.



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