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ARESABI
Apr 20, 2020 9:21 AM

BITCOIN - Possible Fakeout Scenario (Be aware!) Short

Bitcoin / U.S. dollarBitstamp

Description

Hello guys, the price of Bitcoin (BTC/USD) is currently moving above the EMA 20, which indicates a possible uptrend.
Please be aware of a possible Fakeout scenario, which we have seen multiple times in the past (yellow boxes).
As long as we don't see a higher high (above $7.450) our trading direction is short.

I'm expecting the price to make another move towards our next support, located at the $5.200 level
from where the price could bounce in anticipation for the Halving event.
I don't see any reason to be bullish after this event.

Trade carefully!
cheers,
cryptobuller
Comments
gabrielestampa
Luckily I found you .. They are massacring me because I'm the only one who says it. Today they are all saying "bitcoin to the moon" without considering everything else.
quantumfly
I concur. Expecting BTC price to plummet before the end of June, maybe sooner
MikeZillo
Yes, I am considering a short position too. Have a look at my idea.
A feeback would be much appreciated

UnknownUnicorn3707027
Nice chart! How is your short position justified with this chart? Here, the EMA should support the price and RSI has not reached the oversold zone. I am interested in how you interpret it.
ARESABI
@AdrienRe, thank you! The price is in a no-trade zone. We wait for either a drop below the EMA 20 or a higher high (7.6k) to confirm the direction we trade in.
UnknownUnicorn3707027
@monetae_CB, Ah, thanks! Yeah, I agree with waiting for a break out to the upside or downside. It might accumulate for a longer period.
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