Astroc

Possible short term bounce

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Reasons why we can bounce here.

1. Horizontal resistance which reacted with stronger buying volume .
2. Daily stochastic RSI is dead. Last time it was so dead it was in 2016 and strong upward movement begun.
3. The angle of falling is too high. I made an analysis of angles of trends here 4. BTCUSD Shorts chart shows outstanding growth. 60% within a week. Bear trap?

I closed short around 6340. If we break support 6150 I go short again but it's not any long opportunity. Resitance lines are too tight and my major rule "DONT LONG THE BEAR".
Trade active: Nothing really changed here. We slowly go up to resistance area. Still expecting reaching 6700-6800 probably within 2 days. Price action in higher timeframes looks rather sluggish but lower time frame look good for scalpers. Many wicks, wash trading and stop hunts. I update this idea to mention it is still active :)

Trade active: I expected some bounce from buyers but they failed. Potential H&S structure is broken what is even more bearish. 5850 is strong support and BTC will try to break it few times. My bearish scenario to 5200-5300 is active of course.

I go short here to previous low at 5750 then we will se what's next. Stop loss at 6150.


Hypotethical price action

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