Bitcoin Dual BARR Top Continued - Life or Death Setup
Bearish Confirmations in Order of Least to Most Important:
1. Price Crosses Over and Closes Hourly Below Red Line "BAR-Reversal"
2. Price Chooses to then decline more rapidly, ultimately choosing the steeper downward path
3. Angle ends up being so acute down this path that line of death is crossed
4. Line of Death is closed under on the hourly timeframe
5. Step 3, but the less acute route. Two fakeouts, less momentum into the death line test - still has decent chance of bull reversal at this point
6. Step 3, Line of Death is Crossed - Pretty much a done deal downward, may stuggle a bit
7. Step 4 - Hourly Close Below Line of Death - Signals Heavy Death Sell
7 Possible Confirmations exist. Some of these are the "same" but are nuanced because of the slightly different price action leading up to them.
DUAL BARR Tops take forever, but once confirmed, have one of the lowest breakeven-failure rates amongst all known charting patterns, which means we are likely headed back down for 21k retest.
-Do_Or_Swine
BITBAY:BTCUSD
BITBAY:BTCUSDT
TOTAL
ETH
ETHUSD
1. Price Crosses Over and Closes Hourly Below Red Line "BAR-Reversal"
2. Price Chooses to then decline more rapidly, ultimately choosing the steeper downward path
3. Angle ends up being so acute down this path that line of death is crossed
4. Line of Death is closed under on the hourly timeframe
5. Step 3, but the less acute route. Two fakeouts, less momentum into the death line test - still has decent chance of bull reversal at this point
6. Step 3, Line of Death is Crossed - Pretty much a done deal downward, may stuggle a bit
7. Step 4 - Hourly Close Below Line of Death - Signals Heavy Death Sell
7 Possible Confirmations exist. Some of these are the "same" but are nuanced because of the slightly different price action leading up to them.
DUAL BARR Tops take forever, but once confirmed, have one of the lowest breakeven-failure rates amongst all known charting patterns, which means we are likely headed back down for 21k retest.
-Do_Or_Swine
BITBAY:BTCUSD
BITBAY:BTCUSDT
TOTAL
ETH
ETHUSD
Trade active:
Honestly, confirm number 1 just got triggered and if it holds up til tomorrow, im just gonna assume bitcoin is unambiguously bearish.
this bearish sentiment will sustain until price manages to cross back over the red diagonal line. this may not happen and price could start rolling over below 47k. in either case, would continue to scalp short positions on all breakout attempts above the resistance line (black diagonal) until the trend rolls over downward, or closes a daily on an up fractal, in which case it is temporarily neutral again.
this bearish sentiment will sustain until price manages to cross back over the red diagonal line. this may not happen and price could start rolling over below 47k. in either case, would continue to scalp short positions on all breakout attempts above the resistance line (black diagonal) until the trend rolls over downward, or closes a daily on an up fractal, in which case it is temporarily neutral again.
Related Ideas
