YurloTrades

BEARISH ENGULFING CANDLE CONFIRMED (1+1=SELL) BTC

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello traders,

Here's the fully developed technical analysis I've put together after the last 36 hours of going sideways in the overbought zone.

Stoch rsi (momentum oscillator) is finally starting to point down after confirming a bearish engulfing candle on the 3 hour timeframe.

3 doji's with the most recent candle looking ready to increase sell pressure at any given time.

Some time's you need to remain patient as price action develops and wait for the right things you'd like to see for conditions to be met.

Asia likely destroys the market tonight, wouldn't want to be in any leveraged longs as 25x longs will likely be targeted next.

Like previously stated in my last few technical analysis , the liquidity is now down.

Elon, Jack, and Cathie's discussion lured traders into buying higher and now big money's bags have been filled and liquidations will be coming for bulls soon.

36 hours in the overbought condition going sideways will be interesting to see how hard it comes back down.

Downtrend has 3 validation touches now and uptrend only has 2, bulls need to show strength around $30,888 or else we likely head back down to retest $30,000.

Stay safe fam .

Please show your support by leaving a like/comment! 👍

Comments

1H has multiple bearish divergences
+1 Reply
@peterbhc Swing me a chart brother. DM here or twitter if you got it. Love to see your work!
Reply
peterbhc YurloTrades
@YurloTrades,
just the basic TV divergence indicator
+1 Reply
YurloTrades peterbhc
@peterbhc, Appreciate it, thanks man.
Reply
Invalidated I was wrong. I’ll be back next week.
Reply
zikkydoog YurloTrades
Reply
Your chart shows a bull pennant.
Reply
YurloTrades LA_Designer
@LA_Designer, 👍
Reply
LA_Designer YurloTrades
+1 Reply