Crypt0Phoenix
Short

BTC one final rally before drop.

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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BTC has had a huge rally since 6.7k .. one factor was the short squeeze. However, the volumes are beginning to decrease which is usually normal after a breakout.

What is weird to me is that although we broke out of the supposed downtrend line we didn't get a huge rally which shows that there is still no strength in the market.

What I am expecting now is a minor correction downwards followed by a relief rally which keeps us inside the channel drawn. Probably up to 8.5k followed by a drop to either 7.5-7.8 to form a higher low which would be a further step forward in confirming that we are turning into a bullish market. Otherwise, we will keep dropping down and realise this was nothing but a bit of manipulation within the price by whales.

RSI shows hidden bearish divergence. Daily RSI is in oversold ..

Comment: as I was writing this we dropped .. hah.
Comment: looking like a massive rising wedge in a bearish market .. we should get the next drop after we touch the upper channel line one last time ..
Comment:
A bear flag has formed but we have seen it break upwards many times .. I think it will break up once more for a relief rally and then go down afterwards ..
Comment: fell out of the channel and began to drop.
Comment: should get the relief rally to here before the next drop.
Comment: here is the channel we are in, we go under the channel. We go down. Same as above. However we are more inclined to go down. Bearish indications on the RSI.
Comment: touched bottom of channel and went back up. Still expecting a target of 7670.
Comment: hit our short zone which was stated above, the relief rally. This pattern looks like an ascending broadening wedge which leads to a drop from the bottom. Here and 8200 will be two good points to get short positions in.
Trade active: broke resistance line. We got short position from the sphere.
Comment: broke support line* of bottom channel.
Comment: neckline messed up a bit on the top drawing, this is the neckline. We will want to break 7880 and finish underneath on an hour candle in order to confirm the next drop. We are currently in a bearish flag.
Comment: what we currently have is three patterns that are all inter-related. We have an ascending wedge which has had no clear consolidation. We also have a head and shoulders pattern which is invalidated if we go above the neckline (stays above for a 4 hour candle). We also have an inverted H&S which is validated if we go above the blue neckline. We also have the first ping onto the bottom channel of the ascending wedge.

Overall, this means that we are still in a bearish trend until proven otherwise, aka if we consolidate to 7.5k and actually have a strong bounce from in and around that area we could see higher numbers.
Trade closed manually: manipulation prime. We will see 10.4 before whales decide whether we are bullish or bearish.
Comment: Declined at 10k. Got the drop to 8.5k. Should still see further drop.
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