johnny_repass
Short

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.

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

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

snapshot
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