Keep in mind this is just a possible scenario. Market sentiment is turning negative for the moment and these my thoughts.
Bearish Indicators:
1. DMI (ADX) 2. OBV 3. MACD (all the way up to 6hr now) 4. RSI
Targets: 1. Watch to see if 10800 holds if not we could see a sizable drop. 2. If 10800 breaks 100 EMA around 9200 is a good place to watch. 3. If 9200 breaks 7300 would be my next major support.
Other: Bitcoin created several ascending triangles yesterday and broke support in each one. Negative news from Korea and U.K (maybe FUD maybe not) is still fresh on everyone's mind.
I'm still sitting this one at as there are a few things that concern me. This is a 4hr chart but 6hr looks the same.
1. Bearish divergence with RSI marked by blue trend lines . 2. Volume decline 3. DMI ( ADX ) not looking great 4. MACD under
This doesn't mean BTC 1.56% won't chew through 12k because it has a knack for doing the opposite of what you might expect. What it means is I'm playing this cautiously and sitting out until (if) 12000 breaks. If that happens I will wait until the wedge resistance is broken which should be around 12100.
I have to sleep within an hour. should i place a stop limmit order ( 10780 -> 10770)? or do you think it might hold overnight?
slfmd
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@jaapr1, Sorry but only you can decide that. This is just one possible scenario it could still break resistance this is bitcoin after all. I always have limit orders down low so I don't think that's ever a bad idea.
slfmd
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@jaapr1, Sorry I misread that thinking you wanted to place new orders but again that's really up to you. Maybe you want to lock in profit or avoid a loss in case it drops? It's all about how much risk you're willing to accept. The price could fall below your stops and rise back up before you wake. Any number of things could happen.