BTC bulls broke the daily inside bar bullish, but did not hold up for very long. In the video yesterday I discussed the hourly would show a red flag if the bulls could not keep the uptrend after the bull break. The first red flag was the lack of follow through breaking this level... this means bulls are not setting stop buys and bears are not covering their positions. The 2nd red flag was the size of the pullback. It was not brief and healthy like a bull flag. The 3rd and biggest red flag was the little hourly bear flag. The weak bounce attempt and continuation down. Now we are back into the trading range we have been inside for 3 days and there is a lack of clarity as to short term direction. Remain patient and picky as traders, and when fighting the trend, be quicker to take profit.
Considering the last week candle close (which was bearish "Engulfing") we may start to go lower from here because we had seven failed attempts to break the $6250 and currently the 8. attempt was successful and the price shows more bearish signs...
nickhalden1
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Real nice chart and comment, bro! I've also seen Dude's analysis on ETH that I really loved. You should check it out and see what you think!
achtung360
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The pattern in BTC is a well defined one from a Classical TA stand point and well detailed here.
rudcharts
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looks like a minor pull back. I think it breaks 6450 shortly
Here's my Sept. 11 BTC & ETH analysis. Talking points: BTC U-shape fractal | Inverse charts | Weekly bearish engulfing | 6100 break could lead to June low breach:
telensky
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Yeah, the bull trap was excellent, I used it as an opportunity for bearish re-load on ETH. It is the best coin to short actually, among the weak coins you briefly showed in yesterday video, I think ETH is best for bears, the other ones are much stronger. Maybe XRP also is good for bears, but support is close.
I think now in crypto trading breakouts is very non-profitable. I am doing the opposite - shorting when it goes to the top and taking partial profit when it bounces from bottom.
telensky
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it is actually interesting to see that huge part of ETHUSDSHORTS were closed yesterday around $199! I thought the exact opposite this is good opportunity to reload! On the exponential resistance.