Bitcoin Bears Are Back! Possible 3.5 Percent Short Entry Here
50 EMA death cross forming on the 4H on bitcoin. This typically follows in a sharp decline in price at least down to previous support levels. A massive decline in price today liquidated tons of entries on those that were bullish. 25.5K appears to be a critical level here. Price has broke two previous lower supports levels as pictured. We should except a slight increase in price as action stabilizes slightly here and those that think the decline in price action is over with buy in long, but seeing a death cross on the 4H indicates a clear break of trend that will result in a lower price. Lets wait this out a bit to see what the market will do for a short bit and the enter short possibly around 25450 for around 3.5 percent profit down to previous supports. Entry here is still risky until we can paint the picture a little better. Lets wait and see.
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So we have seen price increase as excepted and decrease as those scalping quick trades off bottoms profit. Money flow is still in the red on higher time frames green and red on the lower frames. We still have time to watch the EMA direction to make sure this trend will continue to enter our short.
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Price increased much more than excepted back recent resistance levels. The EMAs on the 4H are still much well below the 50 and 100 days. I still think watching price here to enter short is a good idea as those that longed from 25ks are going to take profit and drive price action downwards. A good entry point here will be when we see a failed re-test of 27k
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As called, price went up, and now down. Long buyers bought as price stabilized in, price met 27.1/2 previous support but the upwards trend after such a sharp decline left price in a decline those previous longers are TPing. Price is under the 50EMA on every time frame as of right now (daily and lower that is). We are starting to even see failed rebounds on the 1/2 hours and formiing on the 4H. News/ideas are spreading pretty quickly of bearish new things are red for sure! Entering here may be wise, but still possibly risky. Money flow is still in the negative.
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50/100 EMAS are still death crossed, price has not re-test 27.1 and is in a sideways market where support has no indication of holding. We can see high amounts of negative money flow on market chiper as well. Support here should not hold much longer. Entering now with a 27.2k stop loss to hopefully catch the downwards trend early to lower support levels. Waiting here could result in missed profits, but much safer strat. Entering short @ 26.4K.
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Up 3 percent in the green. We are right around the same previous levels where I said price action reach our target zone. As of right here we may see a little bit of price increase as long buys realize this isn't going back to 26.5k
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Alts are bleeding hard. BTC is currently at a macro resistance level trying to hold on, but MC is still showing negative money flow and almost all levels of EMAS are 50 death crossed still. Keep the short open. BTC/eth will follow the salts it's still early 6:20am est on a saturday not many folks are up yet to see the blood.
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25k or lower still in sight. we can still EMAs death crossed on almost all time frames, even the weekly. MC still showing large amounts of negative money flow. We should except a slightly market here pushing back and forth from 25.5-26ish then downwards again.
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slight retracement on price, but nothing major, mostly still moving sideways to only load to a decline in price, weekly candle about is about to print a 50EMA death cross soon, and price is well below 5/10/20/50/100emas still. Most news/talk and price speculation still appears to be very bearish as well for now, we're still looking to break down under 25.5 to our target zone. Goal is still very much well within target range.
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50 EMA deatht cross on the weekly forming, market cap wise we're falling below of what the SEC news 'crash' did. We're still below the support, trending between 25.6-26.1, slowly forming a 'bart' style top which rarely ever holds. All the signs are still holding on that price action will decease. W/ 50 on the weekly falls below we will for sure see some sharp price decline as the weekly shows 23.2 as next level of support.
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Target Hit! As we said previously we saw 25.5 holding and then it just fell from 25.4 down to nearly 23.8 We are now entering the lower support zone for price. What does this mean next? Well w/ the 50 EMA possibly crossing on the weekly this could result even of a more downward trend. If this does we are showing 23.2 roughly on our next downward leg.