As we watch the price for BTC develop from it's recent lows, we haven't seen much bullish action and it seems as if bears just have complete control at the moment. I was super bullish on this pair but as we move forward, there are just more and more signs that BTC will soon be making a new bottom.
With the little amount of buying pressure I'm currently seeing price struggle more and more after the recent closure on the 4 hour.
(which I believe you will be able to see if you were to "make this chart yours", you'll be able to see a further breakdown on other indications I found that helps support this current trade idea.)
- Two Failed Inverse Head and Shoulders
- Current (Completion) of Head and Shoulders
All in all, it's really not looking good for any bullish traders that are still trying to bet against the current trend and feel bad for all those still holding.
I do believe we will see price come back and retest its structure that lines up with the 23% fib level on the 4 Hour Time Frame, and again on the daily time frame in an attempt to capture more bulls before the next leg down because that's the pattern we've been seeing this whole time.
I did have a couple of other things like wave analysis and a few other points but I want to get this thing out before the move happens and it's already been over an hour since I started. Lol.
Trade Smart and Trade Safe
With the little amount of buying pressure I'm currently seeing price struggle more and more after the recent closure on the 4 hour.
(which I believe you will be able to see if you were to "make this chart yours", you'll be able to see a further breakdown on other indications I found that helps support this current trade idea.)
- Two Failed Inverse Head and Shoulders
- Current (Completion) of Head and Shoulders
All in all, it's really not looking good for any bullish traders that are still trying to bet against the current trend and feel bad for all those still holding.
I do believe we will see price come back and retest its structure that lines up with the 23% fib level on the 4 Hour Time Frame, and again on the daily time frame in an attempt to capture more bulls before the next leg down because that's the pattern we've been seeing this whole time.
I did have a couple of other things like wave analysis and a few other points but I want to get this thing out before the move happens and it's already been over an hour since I started. Lol.
Trade Smart and Trade Safe