vinnycrypto

Healthy run up? Bulls in control? All I see is divergence

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey guys your boy Vinnycrypto here to analyse how healthy this bull run was.

1. 12h candle just closed as very bearish reversal candle.
2. Got rejected right on last high and on a very important trend line seen in last analysis
3. Possible double top forming.
4. RSI shows bearish divergence.
5. Histogram shows bearish divergence.
6. MFI shows bearish divergence.
7. Descending volume from previous run up to same high.
8. Highest volume candle of this while little run up is a bearish reversal candle.

I am not saying to short just yet guys as we will probably have some good support around the 6600 and 6500 zone. Making it a profitable short yes, but with very poor risk reward ratio. Longing here or not closing profitable longs just seems like gambling now.

Longs have to wait for a cancellation of those 8 points with an added confirmation.

You like what you see? hit the thumbs up button and follow me on here and twitter to be sure to catch my analysis.
You don't like what you see? Owl at the moon and open a good old long position.

Trade safe.
Comment: Do not short now as there are definitely some bullish signs on the smaller time frames.

-Buying Volume increasing massively when we hit 6600.
-support at this little uptrend trend we currently hold could bring us straight to the 700 7100 zone where we will be met once again by the big trend line from the may and july highs.

This little bull move could happen from today to the next few days as long as we hold support on this vertical trend line.
Also looks like an H&S forming its last shoulder now. Thanks for the post.
+1 Reply
vinnycrypto Jeff_Cryptopop
@Jeff_Cryptopop, I would rather see it as a double top, but results would be same. Have you seen the recent posts made by very reputable traders talking about those head and shoulders that could in fact be compound fulcrums.

https://www.tradingview.com/u/GeorgeSaber/

https://twitter.com/peterlbrandt/status/1044911363296976896?s=12

Both of these traders have my respect, We are currently sharing different views, but they could 100% be right. Also, it it always good to see the reverse of the medal, especially when the other side of the medal comes from reputable guys. Check them out.
Reply
Jeff_Cryptopop vinnycrypto
@vinnycrypto, I had not seen these but will certainly check them out. Thanks.
Reply
vinnycrypto Jeff_Cryptopop
@Jeff_Cryptopop, watch out with this pattern, tho. As it could seem you would somewhat see it here and there. Actual compound fulcrums happen very rarely.
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