Bitcoin short term double top at 8300s Short

Bitcoin / DollarBitfinex

Description

⋅ Mar 15, 2018 10:14 PM

Doesn't look good.

Volume oscillator shows bearish divergence.

MACD shows bearish divergence.

RSI double top with lower price value.

Volume is drying up over this move overall.

AND it's about $100 under a fib level.

I'm going with a drop.

Let's see where this goes.

Happy trading.

-SJ

Comment

⋅ Mar 15, 2018 11:52 PM

This is the 233 MA it's trying to break. Going to need a lot more volume to break this sucker. Not impossible.

Trade closed: target reached

⋅ Mar 16, 2018 12:17 AM

New daily candle now formed above the fibonacci line. And it's slowly loading up past the 233 daily MA. Will likely turn it into support.

And the previous day's candle has formed fully into a green hammer. A bullish reversal candle.

We reached our target with the drop below the fib level. Price remains below what it was before crossing the MA/fib.

Happy Trading.

Comment

⋅ Mar 16, 2018 12:21 AM

For the record, the day just started. On very low volume.

It may go up a bit. But with heavy resistance upcoming.... and the daily dump tomorrow morning...

The green candle can turn red in 12 hrs.

I still project a drop below 7k in the long run.

See other post about bitcoin breaking channel.

And remember - TA is just projection based on analyzing the past. Not fortune telling.

-SJ

Comment

⋅ Mar 16, 2018 8:18 AM

Setting lower higher and lower lows on this rally. And volume keeps dipping as the price goes up if you use the volume oscillator indicator.

So much resistance right above it.

Either the bulls show up soon, or it's out of fuel to keep these levels in the next 1-4 hrs.

As of now the daily is now a doji. Dumped pretty hard right after the candle switch.

Comments

saadcrates

⋅ Mar 15, 2018 11:35 PM

Ah yup Went down to the fib. So. Is the fib going to act as support now?

saadcrates

⋅ Mar 15, 2018 11:34 PM

Bulls keep buying.

Based on current volume oscillator, RSI, and MACD reads on the 15 min.... it'll possibly go up for a burst before it goes down. Top would be at 8450- 8500ish.