BuyBitcoin.WS
Short

High Probability of Bearish Pattern Repeating

BITFINEX:BTCUSD   Bitcoin / Dollar
This is just a DRAFT idea based on previous patterns on my charts. If you look at the red circled area you would notice they all tend to have overbought 4H RSI or Willy and they do a good job to trap longs there EVERYTIME (will it happen again and market the "continuation of the Bear Market or will the Bull finally take over?) Well there is a bigger chance in my opinion for it to occur so I published this idea as a warning:

In my previous chart I suggested to look for a fakeout to 255-262 area and a big dump to $155-168 area ($168 is my target) -- this is into play for me until we break with big volume 26x-27x area and not in a parabolic way (look for my yellow bearish channel top to be broken).

if we get to $168-155 area we go up from there with a nice double bottom. But if it breaks we drop to $121.

Note: 158 to 121 is within the 50-61.8 Fibonacci range.

Current Indicators pointing to SELL:
3D Stoch RSI - Sell
4H and 6H Stoch RSI - Sell
4H RSI very close and was overbought - Sell
4H Willy was in the stupid area (we could still have room for another leg up to 26x-27x when looking at this)
High %age of longs on Finex - Seems everyone bought - good idea to go against them and squeeze them (market has been doing this lately on both sides)
Double top at 262-268
Burrmarket
2 years ago
Lets do it.
Reply
IncreaseMyT
2 years ago
Were just consolidating before the next move up.
Reply
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