BITCOIN | Bottom is NOT in if today's DAILY candle does this!
Hello,
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This is my first analysis of many, so if you like it please drop a like and a follow, much appreciated.
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Without further do, let's analyse this Bitcoin daily chart , I am short on Bitcoin in the time of writing, for these technical reasons:
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1st: Recent DEATH CROSS
2nd: Prices are below 61.8% Fibonacci (approx. 7356$) * if today closes below, it's very probable we'll see a drop to the next level : *78.6 confluence with trendline of bear market* (5.5k)
3rd: Price trading below major short-term bullish indicators ( RSI , MACD , Daily 50MA)
4th: I have a short-term sell bias on Bitcoin due to the enormous amount (billions of U$) of Bitcoins stolen (BITCONEEEEEEEEEEEEEEEEEEEEEEEEEECT) and other scams.
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A shooting star on the daily would also give more confluence to more patient players for taking this short opportunity.
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Í expect the price to retrace to 5.6k levels and then start breaking out and making higher highs. If bitcoin breaks the RED trendline and close a daily candle I don't see much upside potential for a long time.
-
I wanted to keep this simple so there you have it. See you on the next one!
-
This is my first analysis of many, so if you like it please drop a like and a follow, much appreciated.
-
Without further do, let's analyse this Bitcoin daily chart , I am short on Bitcoin in the time of writing, for these technical reasons:
-
1st: Recent DEATH CROSS
2nd: Prices are below 61.8% Fibonacci (approx. 7356$) * if today closes below, it's very probable we'll see a drop to the next level : *78.6 confluence with trendline of bear market* (5.5k)
3rd: Price trading below major short-term bullish indicators ( RSI , MACD , Daily 50MA)
4th: I have a short-term sell bias on Bitcoin due to the enormous amount (billions of U$) of Bitcoins stolen (BITCONEEEEEEEEEEEEEEEEEEEEEEEEEECT) and other scams.
-
A shooting star on the daily would also give more confluence to more patient players for taking this short opportunity.
-
Í expect the price to retrace to 5.6k levels and then start breaking out and making higher highs. If bitcoin breaks the RED trendline and close a daily candle I don't see much upside potential for a long time.
-
I wanted to keep this simple so there you have it. See you on the next one!
Comment:
Daily candle above 61.8% and 50MA, if it closes like this and I see more upside potencial.