BTC going down! Told you! Long entry: 66-68... Here's why!
Previous chart:
Our sell target was reached perfectly. Although all this happened quickly on Sunday, I was correct!
Although, sadly, the 7777 horizontal resistance that coincidentally met with the .618fib from the retracement from April 12th AND the weakening 200EMA colliding as well it was VERY difficult to punch through. Instead, it wicked a couple of times! So, to those observing the market and putting orders according to it's behaviour, congratulations to to you at around 7760 or so!
Let's get to it.
NEAR FUTURE:
The 4hr RSI just got blown out, and daily is now looking grim as well. I expect RSI to be dragged donwards until MACD resets on various time frames, especially on the 4hr.
Only support I see from previous order blocks are at 66 and 68. With the 7000$ price mark serving as only a psychological barrier before falling to the grim hands of the 6 thousands. Although I 100% believe that BTC will fall much further down than 6k, as a swing trader I must maximize returns, so the only (and paper thin) SUPPORT that I see, are at previous buy order blocks in April around 68 and 66. It should hold temporarily, but if we break 6k expect a massive sell off. At this stage it is easier to do as we have tested this "god by given" support at 6k 3 times now! It gets weaker every time.
The weekly today started off badly, with this rising wedge being sold on instead of bought up at the resistance just mentioned at 7777.
People do not want to buy at these levels and clearly from the net volume about 3.5k bitcoins are being sold in average to about 700 bought throughout this rally. Clearly a weak distribution. No one wants to accumulate at this price level.
Weekends in Bitcoin typically mean a floaty upwards price action, very calm. That today Monday, the opening of markets, we see a heavy and gradual sell off breaking this wedge is not good at all. It just means that the weekly time frame clearly needs to go down further and people want to buy cheaper.
Good luck to everyone out there! If you would want me to make charts on any other cryptos, please make a comment!
I will make a long term chart for BTC as time comes and the market slowly tells me what's up :)
Our sell target was reached perfectly. Although all this happened quickly on Sunday, I was correct!
Although, sadly, the 7777 horizontal resistance that coincidentally met with the .618fib from the retracement from April 12th AND the weakening 200EMA colliding as well it was VERY difficult to punch through. Instead, it wicked a couple of times! So, to those observing the market and putting orders according to it's behaviour, congratulations to to you at around 7760 or so!
Let's get to it.
NEAR FUTURE:
The 4hr RSI just got blown out, and daily is now looking grim as well. I expect RSI to be dragged donwards until MACD resets on various time frames, especially on the 4hr.
Only support I see from previous order blocks are at 66 and 68. With the 7000$ price mark serving as only a psychological barrier before falling to the grim hands of the 6 thousands. Although I 100% believe that BTC will fall much further down than 6k, as a swing trader I must maximize returns, so the only (and paper thin) SUPPORT that I see, are at previous buy order blocks in April around 68 and 66. It should hold temporarily, but if we break 6k expect a massive sell off. At this stage it is easier to do as we have tested this "god by given" support at 6k 3 times now! It gets weaker every time.
The weekly today started off badly, with this rising wedge being sold on instead of bought up at the resistance just mentioned at 7777.
People do not want to buy at these levels and clearly from the net volume about 3.5k bitcoins are being sold in average to about 700 bought throughout this rally. Clearly a weak distribution. No one wants to accumulate at this price level.
Weekends in Bitcoin typically mean a floaty upwards price action, very calm. That today Monday, the opening of markets, we see a heavy and gradual sell off breaking this wedge is not good at all. It just means that the weekly time frame clearly needs to go down further and people want to buy cheaper.
Good luck to everyone out there! If you would want me to make charts on any other cryptos, please make a comment!
I will make a long term chart for BTC as time comes and the market slowly tells me what's up :)
Comment:
Classic bear flag forming. Reinforces the idea we could see BTC travelling right down to 6600-6800.