Here we've got Strong Short entry point.
On the Weekly timeframe there is a so called Evening Star pattern, which indicates the reversal of an uptrend. It is particularly strong when the third candlestick erases the gains of the first candle, which we can currently see.
Firstly, there was a Hanging Man candle, which indicated lots of people started selling, but bulls were strong enough to push the price higher and bullish trend continued.
Secondly, there was a nice pin, which indicated market uncertainty. The price didn't know whether it should go higher or lower, bulls started to loose their positions.
Now we've got confirmation of those two candles formation, the price slightly dropped, what formed Evening star pattern. This candle should close on Sunday which will lead us to Fibo 0.5 - ~6600 USD and Fibo 0.618 - ~ 6000 USD levels.
Also on an Hourly timeframe bitcoin is in the falling channel and has exited the rising one.
If you enjoyed it, don't forget to like it! :)
Your comments are highly appreciated, too!
On the Weekly timeframe there is a so called Evening Star pattern, which indicates the reversal of an uptrend. It is particularly strong when the third candlestick erases the gains of the first candle, which we can currently see.
Firstly, there was a Hanging Man candle, which indicated lots of people started selling, but bulls were strong enough to push the price higher and bullish trend continued.
Secondly, there was a nice pin, which indicated market uncertainty. The price didn't know whether it should go higher or lower, bulls started to loose their positions.
Now we've got confirmation of those two candles formation, the price slightly dropped, what formed Evening star pattern. This candle should close on Sunday which will lead us to Fibo 0.5 - ~6600 USD and Fibo 0.618 - ~ 6000 USD levels.
Also on an Hourly timeframe bitcoin is in the falling channel and has exited the rising one.
If you enjoyed it, don't forget to like it! :)
Your comments are highly appreciated, too!
Comment:
Despite the current pump waiting for a big price decline, cause bulls are very weak now, seems like current market is simply manipulated and this pump was nothing but the short squeeze. Big players are closing their positions right now, daily volume decreases, evening star pattern is still in play.
If we look back in May 2018 we had the same scenario. The same bull run, pin on 1W timeframe, small pump, daily RSI went up like now, and then we saw huge drop till 6000 USD. Waiting for the same scenario.
If we look back in May 2018 we had the same scenario. The same bull run, pin on 1W timeframe, small pump, daily RSI went up like now, and then we saw huge drop till 6000 USD. Waiting for the same scenario.
Comment:
Keep it holding guys, 6400 soon, lol
Comment:
CONGRATS! Trade closed. 6583 bought. Good luck!
Also here we've got pretty decent resistance of the upper boundary of the previous triangle (red line).