BTC failed to pierce through the resistance at 8700USD and turns it into support; but got rejected instead -- showing persistent market weakness.
Previous attempt at a short-term bullish trade did not execute.
Now, BTC have broken through support at 8031USD, with clear sign that it has turned into resistance.
Coupled with the strong bearish signs from my PRISM and FUSIONGAPS oscillators, and low volatility from my RCVI (relative volatility index) this signals that BTC will very likely plunge down to the 162% level at 7200-7300USD as suggested on my Sep 25 chart.
The bearish Ichimoku cloud is thickening ahead, and my Cyber Ensemble {Cy.ESM} buy/sell signaling algorithm (which seems to work well historically for BTC) is signaling sell as well.
Of course, sensible stop-limit for shorts need to be set. Base on my Volatility Stop Limit Selector (derived from my RCVI/RCDI indicator), possible shorting level at 7812 USD, and stop-limit of shorts trade at 8211 USD (depending on risk-reward preference).
Volatility Stop Limit Selector {VSLS}
Previous attempt at a short-term bullish trade did not execute.
Now, BTC have broken through support at 8031USD, with clear sign that it has turned into resistance.
Coupled with the strong bearish signs from my PRISM and FUSIONGAPS oscillators, and low volatility from my RCVI (relative volatility index) this signals that BTC will very likely plunge down to the 162% level at 7200-7300USD as suggested on my Sep 25 chart.
The bearish Ichimoku cloud is thickening ahead, and my Cyber Ensemble {Cy.ESM} buy/sell signaling algorithm (which seems to work well historically for BTC) is signaling sell as well.
Of course, sensible stop-limit for shorts need to be set. Base on my Volatility Stop Limit Selector (derived from my RCVI/RCDI indicator), possible shorting level at 7812 USD, and stop-limit of shorts trade at 8211 USD (depending on risk-reward preference).
Volatility Stop Limit Selector {VSLS}
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Side note: The bottom blue line was meant to be the shortened version of the yellow line drawn here, but was accidentally shifted at some point.
Side note: The bottom blue line was meant to be the shortened version of the yellow line drawn here, but was accidentally shifted at some point.
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a more zoomed-in view:
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How this candle closes will decide the next move.
Will it close under or above the red line?
Will it close under or above the red line?
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Bearish candle forming with just 30mins left before close:
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Change of trend ... BTC now back above red-trend line with strength!
CYBER ENSEMBLE "Buy"-signal triggered.
CYBER ENSEMBLE "Buy"-signal triggered.
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BTC just dumped:
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Volatility Stop Limit Selector {VSLS} levels:
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A sell signal from my Cyber Ensemble script was also triggered back on the 22nd too.
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BTC price have now pierced through all the immediate resistance levels like they are nothing! Demonstrating that there is still a lot of hidden strength in the market.
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Possible trajectory?
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Shorter (4hr) timeframe view