So much positive news right now and we are just below the long term trend line on the log scale
On the mid term (more than a few days and less than 3 months) I am bearish On the long term (more than 3 months) I bullish On the short term (from now to a few days) I am somehow neutral to bullish because: - Support found (see green line) - Short positions at all time high (or almost) - Very low RSI (4h time frame) - Bullish divergence (1h and 4h...
Although we saw a nice push of the BTC price it was not followed with volumes. Consequently I am still bearish. I present you what I think the market will be over the next months. However that is just a guess as it is (almost) impossible to predict so much moves in advance.
(2) was a text book .618 Fibonacci retracement (3) could be a 1.618 Fibonacci extension of (1) to (2) (4) could be a .5 Fibonacci retracement of (2) to (3) (5) coule be 1.618 Fibonacci extension of (2) to (3). I personally find it hard to believe as I am a long term Bitcoin maximalist but... nothing is impossible in the crypto space.
It is very hard to believe but... nothing is impossible in the crypto space.
Two days ago I published a bearish scenario on BTC already. Here is a new one even more bearish.
Signal for shorting ETHUSD if Chikou Span (green line) goes below Tenkan Sen (blue line) at the closure of a 4h candle . Then I will look for an entry point
On the TA side: BTC just broken the ascending triangle RSI trend is broken EMA 5 (4h) crossed EMA 50 (4h) On the news side: The ETF of ProShares will most probably be denied by August 23rd while people sill hope for an approval There are still too much optimism in this bear market making me think we did not touch the bottom I closed my long position...
To be confirmed. 3 highly possible scenarios. I think the scenario b has the highest probability to occur. There are a lot of bears to be squeezed.
Target 1: 6135$ Could go down to 5800$
Consolidation time before entering capitulation phase
The Moving Average 50 (1h) seems to be a valid indicator for BTC -0.44% Bear flag is forming
The Moving Average 50 (1h) seems to be a valid indicator for BTC
- No clear reversal pattern - BTC found resistance at MA 200 (D) which is normal as I did not expected an easy breakout - (4) is a normal and small retracement (0.382) from (2) to (3) - BTC found support at EMA100 (D) - RSI trend line not broken