Bitcoin: Nison - PB&J Short Signals
Bitcoin hit Pivots Target R1/R2 and began it's reversal in the form of two High Wave Candles ("The market is confused" - Nison) followed by a bearish Engulfing Pattern on DeMark Sell Setup 7/9. The high reached just under $65,000, achieving $64,895.22.
The market fell and SMA 10 / EMA 30 Dead Crossed on DeMark Buy Setup 8/9. Candles 7, 8, & 9 found support in the $47,555 area, with the DeMark Perfected Buy Setup 9 candle reversing off of TDST support.
Drawing a Fibonacci Retracement from the Low to the High, we see that price has bounced into the PB&J short Sweet Spot between SMA 10 / EMA 30 after a Dead Cross, at 61.80% Fibonacci resistance.
If today's candle closes as a bearish candlestick reversal signal such as a Doji (maybe, indicating that "The market is tired" - Nison), Dark Cloud Cover, Bearish Engulfing Pattern, or Evening Star, this would give a short signal per candlestick analysis.
Short: Bearish candlestick reversal pattern (candle close)
SL: Above 50% Fibonacci level and EMA 30
T1: Above 78.60% Fibonacci level
T2: Above Hammer support
T3: Above Monthly Pivots S2 support
T4: Above 127.20 Fibonacci level and Hammer support
T1: 51,300
T2: 47,600
T3: 45,050
T4: 43,500
Note: If you don't rigorously follow a risk management strategy, don't short markets.
Bitcoin hit Pivots Target R1/R2 and began it's reversal in the form of two High Wave Candles ("The market is confused" - Nison) followed by a bearish Engulfing Pattern on DeMark Sell Setup 7/9. The high reached just under $65,000, achieving $64,895.22.
The market fell and SMA 10 / EMA 30 Dead Crossed on DeMark Buy Setup 8/9. Candles 7, 8, & 9 found support in the $47,555 area, with the DeMark Perfected Buy Setup 9 candle reversing off of TDST support.
Drawing a Fibonacci Retracement from the Low to the High, we see that price has bounced into the PB&J short Sweet Spot between SMA 10 / EMA 30 after a Dead Cross, at 61.80% Fibonacci resistance.
If today's candle closes as a bearish candlestick reversal signal such as a Doji (maybe, indicating that "The market is tired" - Nison), Dark Cloud Cover, Bearish Engulfing Pattern, or Evening Star, this would give a short signal per candlestick analysis.
Short: Bearish candlestick reversal pattern (candle close)
SL: Above 50% Fibonacci level and EMA 30
T1: Above 78.60% Fibonacci level
T2: Above Hammer support
T3: Above Monthly Pivots S2 support
T4: Above 127.20 Fibonacci level and Hammer support
T1: 51,300
T2: 47,600
T3: 45,050
T4: 43,500
Note: If you don't rigorously follow a risk management strategy, don't short markets.
Comment:
Stop Loss moved above Daily Evening Star resistance.
Comment:
It's funny how there are good arguments for both short and long positions. I'm still strongly leaning bearish based on the Weekly chart and I think longs will find out soon, but it could really go either way.
Bulls attempted their final bullish reversal in the form of a Hammer within the PB&J Sweet Spot. The Hammer was off of EMA 30 with higher volume than the prior candle, making it a Shadow-30 PB&J pattern. Horizontal support has been broken and TD Sequential 3/9 suggest falling prices until approximately April 30 18:00 UTC+2. Short position opened with targets near $49,600-$47,555.