DrDovetail

Overdue retracement finally arrived? Looking for higher low.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bulls ran out of steam in the most recent 1hr bullflag and fell downward out of it wicking down under the 1hr 50ma briefly before hitting a rebound and bouncing back above the 50 where it eventually rested with the 50ma on the 1h4 maintaining support and is now deciding whether or not it is gonna form a bear flag potentially allowing it to dip a couple rungs lower down the bear ladder from here. At the same time(and the main reason I'm still leaving this idea as neutral as the last idea I posted before the current drop), we closed the last 1hr candle as a green bullish reversal hammer and also on the 3hr chart we have had a golden cross(50ma moves above the 200MA) both of these things could provide a nice bullish momentum boost potential possibly even enough to lift us back inside the bull flag within the next 4hr candle to invalidate the bearish breakout. Probability however favors a bear flag forming with the most liekly outcome of that bear flag being a further break downward...I have a fractional stoploss ready to go around 7911 should we break below the current potential bear flag . However for now I remain neutral. One thing we will be looking for is a higher low...as long as we flip bacl to the uptrend before dipping below the eve trendline we will certainly do so which is a very high probability.
Comment: the rsi on the 4hr and 1hr is back to non overbought levels and the stoch rsi suggests a cross over to the buy signal soon on the 4hr and a potential buy crossover on the 1hr as well. still looks like a bear flag forming on the 4hr which means most likely more downside best to be neutral for now
Comment: stoch rsi buy signal was on 45minute not 4hr
Comment: bear flag playing out moreso on the 30 minute...1,5,15,and 30 minute t line's are current resistance.
Comment: 1hr 50ma starting to receive more and mroe pressure from the bears
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