The crypto keeps providing movements that not always can be described as logical and predictable. But for crypto, it is ok.
In spite of a new high, I still stay with my bearish position. The price reached 9000.00 resistance level, and we got bearish candles. It confirmed the price reversal. The same goes about RSI and MACD histogram.
Another bearish signal is strong. It is a trend reversal signal which is based on a bearish divergence. If we follow it, we should expect the downward movement to 8000.00 support, and SMAs. The downward movement will be confirmed if the price breaks the local uptrend line.
The market stays bullish in the long run, but if we talk about the short term, I would like to be more bearish.
Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
@DLavrov - Always appreciate your analysis. This is a difficult moment for TA because we have some major support on the 3-Day chart with every MA - 20, 21, 50, 100, and 200 being below the current price. This is the first time that all of the moving averages have been below the price in an "up-trending" market since May 2019 when we broke above the 200MA. That kind of upward pressure will make it difficult to push down into the lower 8K zone, because the 50MA is currently at 8434. and the 100MA is at 8422 (Bitstamp). I do anticipate some rejection with the 200MA on the Daily and the 100MA on the 2D as these are both around 9000. Again, on the Weekly, all of the MAs - 20, 21, 50, 100, and 200 are below the price. With the weekend almost upon us, it may be difficult to initiate a down-move, but not unheard of. Happy Trading!
Trading_Matrix
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why even consider trading the downside when you know longterm is upside? your bias are playing into effect. if you missed the upside. its OKAY. look for long oppurtunities dont start trading it to the downside because short term you think theres more down. do you even know what the downside will look like or how deep? nobody does. but upside wil be upside get in and move
Moe_mentum
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bobaib
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A voice of reason on this forum. I always look forward to your posts.
Gokic
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What do you thing about posibility of bounce at $8600 and another push up? That would make confirmation of the rising wedge. Drop would follow, about 10%... Then going long :)
DLavrov
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@Gokic, the daily chart does not support this idea. There is another strong resistance SMA. And 8600.00 does not looks so solid in the 4H chart. I would like to say something like this using 8400.00 support.