Bitcoin is currently in a downward parallel channel and has just been rejected by not only the top resistance line, but the 4H 21EMA and also the 12H 21EMA as well.
- The 4H stochs are looking weak and are curling downward. Similarly, the MACD is bearish and is pointing down with increasing negative momentum.
- The 12H created a bearish hammer candle and is also looking to test further down to around the $8100 (200EMA).
This area is confluent with the red dotted line marking the middle of the channel. This will likely be an area that will bounce due to support lines and moving averages all lining up in that area.
I currently am not shorting BTC, unless given a clear signal to. Right now I am just adding to my positions as much as I can before the halving run comes...
- The 4H stochs are looking weak and are curling downward. Similarly, the MACD is bearish and is pointing down with increasing negative momentum.
- The 12H created a bearish hammer candle and is also looking to test further down to around the $8100 (200EMA).
This area is confluent with the red dotted line marking the middle of the channel. This will likely be an area that will bounce due to support lines and moving averages all lining up in that area.
I currently am not shorting BTC, unless given a clear signal to. Right now I am just adding to my positions as much as I can before the halving run comes...