Ohhh boy everyone is waiting for the decisions about ETF and it is either going to have a good or bad impact on Bitcoin. But we maybe can say something about the ETF with the charts.
On the daily chart we see a couple of signs the bears are getting more control and maybe eventually is going to win:
• Candlestick with long upper shadows, which tells us that the sellers have more control than the buyers.
• The piercing pattern, which is a bearish candlestick pattern.
• The candlestick after the piercing pattern, the tall long red real body is 2 times bigger than the prior green candlestick.
• Today’s candlestick will probably end up in a shooting star with a very long upper shadow
On the 4-hour chart we see a continuation pattern, the bearish flag. And recently on Bitfinex I see that ‘Whales’ are selling a lot of bitcoin in one trade. One of the sellers sold on 20:45 about 18 bitcoins! Now we all know that it is not smart to trade around big news, because it is risky and you don’t know really sure what’s going to happen. Still you can write a plan to go short, but then you must watch for the hole day at the chart.
The trading plan for shorting will look as follow
Short position (4-hour)
• Entry: A close below the bottom blue line
• Stop Loss: A close above the bottom blue line
• Target: See the blue area
Of course the stop loss is not optimal, but I will keep this updated if I see a better stop loss
NOTE, I am going to sleep, so I will miss the candlestick on the 4 hour chart. So i can't update on that candlestick
ALWAYS keep in mind! That this is NOT an investment advice, but an analyses. You can do whatever you want with this information, so trade at your own risks!
On the daily chart we see a couple of signs the bears are getting more control and maybe eventually is going to win:
• Candlestick with long upper shadows, which tells us that the sellers have more control than the buyers.
• The piercing pattern, which is a bearish candlestick pattern.
• The candlestick after the piercing pattern, the tall long red real body is 2 times bigger than the prior green candlestick.
• Today’s candlestick will probably end up in a shooting star with a very long upper shadow
On the 4-hour chart we see a continuation pattern, the bearish flag. And recently on Bitfinex I see that ‘Whales’ are selling a lot of bitcoin in one trade. One of the sellers sold on 20:45 about 18 bitcoins! Now we all know that it is not smart to trade around big news, because it is risky and you don’t know really sure what’s going to happen. Still you can write a plan to go short, but then you must watch for the hole day at the chart.
The trading plan for shorting will look as follow
Short position (4-hour)
• Entry: A close below the bottom blue line
• Stop Loss: A close above the bottom blue line
• Target: See the blue area
Of course the stop loss is not optimal, but I will keep this updated if I see a better stop loss
NOTE, I am going to sleep, so I will miss the candlestick on the 4 hour chart. So i can't update on that candlestick
ALWAYS keep in mind! That this is NOT an investment advice, but an analyses. You can do whatever you want with this information, so trade at your own risks!