As I mentioned in the previous bitcoin post, my confidence of this move continuing upwards is dwindling. The longer we move sideways, the more likely it becomes that the direction of the next move is down rather than up. We had 2 failed bullish setups, which indicates that Bitcoin doesn't really feel like turning bullish just yet
Currently we’re stuck between the red multiple timeframe support and resistance levels. If we break below the support at 3520 I’m ready to enter short slightly below that level as long as the indicator shows me the short setup. The next level of MTFA support is at 3390. Take (partial) profits here and tighten the stop.
Of course it is possible that we break upwards, or move sideways for another few days, this is Bitcoin after all..
If the bearish setup disappears the trade should be canceled promptly, no need to take unnecessary risk here.
The 4HR chart is the only timeframe still in bullish territory, but as we reach the breakout level the 4HR will move into bearish territory too. All timeframes will be bearish again if/when that happens. The CMF has gone negative on the 4HR as price was rejected from the MTFA resistance crosses, indicating that buying pressure has died out.
The daily doesn't provide any new or useful information, still in a bearish posture here. the RSX (a smoothed non lagging version of the RSI) has been rejected form the 70 level, failing to reach the overbought level.
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Stay calm, and happy trading!
Currently we’re stuck between the red multiple timeframe support and resistance levels. If we break below the support at 3520 I’m ready to enter short slightly below that level as long as the indicator shows me the short setup. The next level of MTFA support is at 3390. Take (partial) profits here and tighten the stop.
Of course it is possible that we break upwards, or move sideways for another few days, this is Bitcoin after all..
If the bearish setup disappears the trade should be canceled promptly, no need to take unnecessary risk here.
The 4HR chart is the only timeframe still in bullish territory, but as we reach the breakout level the 4HR will move into bearish territory too. All timeframes will be bearish again if/when that happens. The CMF has gone negative on the 4HR as price was rejected from the MTFA resistance crosses, indicating that buying pressure has died out.
The daily doesn't provide any new or useful information, still in a bearish posture here. the RSX (a smoothed non lagging version of the RSI) has been rejected form the 70 level, failing to reach the overbought level.
If you find this useful, like and subscribe to get notified of updates and new ideas
If you want to tryout the indicators and strategy, follow and pm me and I’ll get you set up.
Stay calm, and happy trading!
Comment:
As expected, just more sideways non-action.
Daily