Looking at the 2 hour time frame we can see that we are forming lower highs and lower lows. At the same time the formation on the bottom of the drop can be considered bullish. Hidden Bullish divergence on RSI and MACD in the green. MACD can easily sway back to red in the next couple of candle closes since it's a lagging indicator and not extremely reliable.
This can turn either way. The next day will pretty much decide in which direction the market will go. I would say 60% bearish/ 40% bullish scenario. The reason I'm more inclined to go bearish is because we are still following the bear trend we started few days ago and we have not yet retest the top of the triangle BTC formed over the past 3 years. My long term perspective is still bullish, but considering the CME futures gap hasn't filled I am more inclined for considering a bearish move instead of a bullish one.
"A study found that CME gaps have a 95% of being filled. Historically, every gap has eventually been filled over time. There is generally only a few open at a time, and when they are open, it can indicate the next direction of Bitcoin." - medium.com/in-bitcoi...foresee-ea2727ccb76f -
I think the whole month of September will bearish/consolidation month. Share your ideas and tell me why do you think I'm wrong! Good luck trading !!!
This can turn either way. The next day will pretty much decide in which direction the market will go. I would say 60% bearish/ 40% bullish scenario. The reason I'm more inclined to go bearish is because we are still following the bear trend we started few days ago and we have not yet retest the top of the triangle BTC formed over the past 3 years. My long term perspective is still bullish, but considering the CME futures gap hasn't filled I am more inclined for considering a bearish move instead of a bullish one.
"A study found that CME gaps have a 95% of being filled. Historically, every gap has eventually been filled over time. There is generally only a few open at a time, and when they are open, it can indicate the next direction of Bitcoin." - medium.com/in-bitcoi...foresee-ea2727ccb76f -
I think the whole month of September will bearish/consolidation month. Share your ideas and tell me why do you think I'm wrong! Good luck trading !!!
Comment:
FYI, I am not affiliated with medium, just a short article I found online explaining CME gaps.
Don't overcomplicate things in trading