Take profit for your shorts and start looking for long entries
The bears are getting weaker and there are 2 things pointing to this:
1. even though we had 3 lower lows (6128, 6008, 5858) the distance in time and price between them is smaller compared to the previous pivots and the bounces from each low are bigger too
2. bullish divergence on RSI and MACD on every time frame between H3 and H12
On the M15 time frame we have a small bear flag (or wedge) which makes us believe that we can get better buying prices.
1. even though we had 3 lower lows (6128, 6008, 5858) the distance in time and price between them is smaller compared to the previous pivots and the bounces from each low are bigger too
2. bullish divergence on RSI and MACD on every time frame between H3 and H12
On the M15 time frame we have a small bear flag (or wedge) which makes us believe that we can get better buying prices.
Comment:
The lack of buyers at this prices combined with the wedge from the previous update makes us believe that we will have another impulse down. The next pivot can give us a low risk and high reward trade if it's on the red line, above 5755 and it has a lower volume than the pivot from today (5858). If the prices breaks 5755 with high volume then it's not good for the bulls. So we will buy between 5900 and 5755 with a tight stop loss and we will watch closely the price action at the black line, the dotted red line and every fib level from 0.236 to 0.65 if we get there.
The lack of buyers at this prices combined with the wedge from the previous update makes us believe that we will have another impulse down. The next pivot can give us a low risk and high reward trade if it's on the red line, above 5755 and it has a lower volume than the pivot from today (5858). If the prices breaks 5755 with high volume then it's not good for the bulls. So we will buy between 5900 and 5755 with a tight stop loss and we will watch closely the price action at the black line, the dotted red line and every fib level from 0.236 to 0.65 if we get there.
Comment:
Price action si now confirming that previous support has turned into resistance.
Price action si now confirming that previous support has turned into resistance.
Comment:
Bitcoin, tricky as usual.
Bitcoin, tricky as usual.
Comment:
Let's see if the break of this bear flag can send bitcoin into our buy zone.
Let's see if the break of this bear flag can send bitcoin into our buy zone.
We will not short the breakout of this wedge but if the price reaches 6100-6120 before breaking down we might take the trade with a very tight stop loss (15-20$).