To be straight forward honest with you, I did not expect BTC to reach 7k before the major leg down.
But there are two important things I'd like to talk about.
1. Notice how on the log scale we didn't even break through March's downtrend. Remembers me of the time when BTC broke through December's resistance on the auto scale, everybody was bullish and nothing happened. BTC actually went down again. Why? Because this major resistance hasn't been broken on the log scale. Same thing might happen here.
2. We got yet another rising wedge forming. BTC formed a similar rising wedge at the beginning of April - remember how bullish everybody was? The afore mentioned rising wedge was underlined by a (hidden) bearish divergence.
Well...guess what. BTC is forming yet another rising wedge, with a hidden bearish divergence on the 1H Chart AND apparently on the daily chart.
If the wedge is confirmed by a high volume breakdown, expect 5.800$ to happen and consider shorting.
In case BTC manages to break through 7.250$, we might see 7.500$.
Wish you a nice sunday.
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Hidden bearish divergence on the daily chart. If we don't get a significant move up today, things might get ugly for longs.
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Potential breakdown happening.
50 MA & 50 EMA are significant support levels. 0.786 FIB level as well.
If they fail as support, a major drop is very likely. Make sure to monitor those levels precisely.
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Trade active
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Hourly close below 0.786 FIB.
1st Target: Around 6890
This is no financial advice.
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1st Target reached. Next Stop 6500.
Move your stop loss to entry point, Risk Free Trade from now on.
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Expect some consolidation here - that was one hell of a price drop.
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0.382 FIB Retracement currently proves to be a strong support. We might get a slight upwards correction, before we go further down. I suggest everybody to move your SL to the first target (6890).
You should never lose a winning trade :)
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Hey everybody,
first of all I want to thank you for the great feedback on my recent analysis. I really appreciate it!
Let's get right into it:
BTC appears to be forming a Head and Shoulders pattern. If this one plays out very well, with a high volume breakdown, a potential target could be 5.500$ dollar (from a measured move perspective).
In addition to that, we need to precisely watch the 6.500$ price level. It has proven to be a very strong support.
If BTC falls through the neckline (white line, around 6.500$), I'm going to add to my short position.
Have a nice day and safe trading!
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BTC most recently loves those rising wedges...I'm excited to see how this one plays out! Watch out for a potential breakdown of the white support line.
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Short Term Scenario
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Nothing exciting happening right now. BTC has been forming this ascending channel for quite some while now. Could be a bearish flag as well- I'm expecting a breakout to the downside. We got rising prices and declining Volume. Nothing bullish about that.
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That liteRALLY came out of nowhere. Gonna update you soon
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I'm bearish until we get a sustained breakthrough above the red resistance line.