Obrano

Bearish divergences playing out | BTC in triangle

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As we can see on the 1hour chart, BTC             made three waves up to the higher highs, creating triple bearish divergence on MACD and RSI . Bearish divergence did it's job and we have fallen out of the uptrend channel .
This is just confirmation and a reminder in which market we are currently trading and that going long should be only with stop losses and small leverage.

The best advice at this moment is to be patient and wait for more signals. Lower time frames have to cool off, RSI is totally oversold up to 1 hour.
I expect a couple of hours ranging or even touching the bottom of a white triangle. If support from a white triangle does not hold, we are in free fall to 6100$.

I have opened a short from 7100$ and I don't plan on closing it anytime soon. Daily is bearish , sell pressure is strong, and if we are going to sub 6k it has to be in the next couple of days.
I am short - midterm bearish , and until we find out the bottom of this bubble I will stay bearish .


Trade carefully and good luck!

Comment: Daily graph:


We have small bearish divergence on MACD, we are still in strong downtrend channel from ATH, and even smaller orange channel. Until we break the orange channel I am bearish and waiting for signals to short.
I like your chart,and I have followed you. I hope you can Follow Me at the same time.




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