cheynos
Long

Big Update on daily and 4hr chart (BTCUSD,BTCLONGS, BTCSHORTS)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello everyone
Today a big update on BTC price action. I will talk about the daily, 4hr, BTCUSDLONG, BTCUSDSHORT charts today. Could this be a potential trend reversal? Let’s get straight into this!

BTCUSD (Daily)
-So we can clearly see our downwards trendline , we are creating lower lows and lower highs, which is very bearish .

-So I drew the most bearish scenario of BTC . That would be if we tested a new low and hold on that level. (Under 5.7K red lines)

-I think that we need to test higher highs before we can speak about a possible trend reversal. We need to test levels above our previous high (above 8.4K) and hold these levels for confirmation.

-Enough bad news: there is a small bullish divergence hidden on this chart which could indicate some good news! (For those who don’t know a bullish divergence is when we test new lows and when the RSI is going up at that timeframe (example chart)).

-The stochastic RSI is still oversold and ready to go to higher levels, maybe price will follow.

BTCUSD (4hr chart)
-So we find support between the 6K and 6.5K level at the moment. When I’m writing this BTC is going down which isn’t bad news at all. If we find support at 6.1K and bounce off, we could possibly see a reversed head and shoulders pattern, which is very bullish

-If we see a reversed head and shoulders pattern, we could pass a very strong resistance level at 6.8K and maybe go all the way up to 7K and pass that aswell if momentum is right.

-The levels that I drew are the resistance levels I’m watching.

BTCUSDLONGS
-Let’s start with the good news, we’re creating higher lows since January which is extremely bullish . Nevertheless, it’s a bit flatten out at the moment but nothing to worry about.

-We can see that we’re creating lower highs which is negative ofcourse. This pattern will be destroyed in September after the ETF decision.

BTCUSDSHORTS
-We can see a clear resistance line at 30K people going short on BTC (on Bitfinex). Every time we hit the 30K mark, we bounce downwards which is a good thing. So the same thing has happened again, curious to see what’s next. I expect to go down to 17K if BTC bounce of and goes back up above 7K.

Love to hear your opinion on this!
DM's and comments are always welcome.
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