A lot of you are reading the title and probably thinking, there already is Blood. But unfortunately right now, the chart ain't saying it's over. We are about to have another death cross on the MACD Histo from bullish to bearish. The best the bulls could do during that brief relief rally was 6600ish. The resistance just ahead at the 6700 from previous times is still in existence, and short sellers know it. EMA's are dropping, (and death crossed on the daily btw). The 20 ema in red is rejecting every desperate buy attempt to move past it. Momentum is screaming sell.
Don't be biased my friends. I am a perma-bull on crypto, I wish it was going up, but right now the trend is your friend, and that is down down down. Look to short sell on any upcoming relief rally. Mathematically, it's the smarter play.
Right now the 6100 is holding, but there is no buying momentum to keep it much higher. After that, there is significant support at the 6000s. If/when that fails, there will be blood.
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Nothing has changed. BTC still trading range bound between the 6000 and the 6180ish. May be like this for the whole weekend.
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And there is the breakout to the upside. Scared bulls are excited. Perfect short entry for those who want to follow the trend. Cover and put your buy stop around 6900 if I am proven wrong.
Trend is still down my friends.
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And the bears undo that cute little short squeeze to 6480 that happened a few hours ago. Pushed back into the down trend. I hope that delicious short entry was taken! (The educational entry, that is =).
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Coordinated pump and dump just before our eyes.
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Feels good to be right.
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The 5800-5900 should be a strong support zone for a while. Looking for another relief rally to 6100 to initiate next short.