BTC-reasons not to buy (yet)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
4-hour chart:

1. Bounced off of support @ 6000
2. Crossed resistance @ 8000
3. Upper trend line resistance (secondary)
4. Bearish pin bar
5. Upper trend line resistance (primary)
6. Weak resistance @ 9000
7. Strong resistance @ 10000
8. Momentum slowing on EFI but no bearish divergence yet

Going long might look temping but price must overcome both primary and secondary upper trend lines , as well as stay above support at 8000. The pin bar (#4) shows that the bears still have control above the secondary trend line . Bullish momentum is also slowing on the EFI .

Scenario 1: Trend overcomes support @8000. Price heads for next support @ 6000. (support might also be found @ around 7k)

Scenario 2: Price overcomes secondary trend line but cannot break primary line.

Scenario 3: The bulls overcome both trend lines . Soon after it is likely to face weak resistance at 9000. To make a higher high, Bitcoin must break 9500 and strong resistance should be expected @ 10000. A clean break of 10000 would be a good sign that the balance of power has shifted.

Comment: Secondary trend line resistance overcame support @ 8000.

Comment: Note the bearish divergence between price and EFI
Comment: deadlock. so far unable to break resistance but not willing to retreat either

Comment: Pushed past the secondary TL, testing the primary TL. The bearish divergence with EFI continues.

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out