mhfcrypto

BTC - Sinster Rouge and Acid Rain ahead (ichimoku cloud)

Short
GEMINI:BTCUSD   Bitcoin / U.S. Dollar
This is a follow up to my Analysis titled 'BTC : Bearish Divergence ? Something to watch anyway" (see below for link if interested). I still can't figure out how to include chart screenshots in my 'Idea Updates', so if anyone can help, please contact me! :-)

Anyhow, the Bulls are respecting the Rising Wedge to the letter. I doubt they can hold out much longer.

The Bulls are running head-on in to the Sinister Rouge ichimoku cloud (4HR) which is offering serious selling pressure and Acid Rain (see on above Chart). And the 12 Day EMA on the 1HR is providing more resistance. Unless we get some Whale Volume soon or the some good Fundamental News etc, the Sinister Rouge will come back for more - to even the score.

The Bulls are trying NOT to close a 30min or 1HR candle BELOW $7485; the Bears are hoping the Bulls misstep or have a lapse in concentration.

I'm not Shorting quite yet because I never underestimate the BTC Bulls...but we could be visting $6900 soon than most expect, sorry to say.

The next few hours will be telling.

Stay sharp .
Comment: Don't be surprised if this is an impulsive Bull break soon to around $7630-$7660, followed by a steep sell-off.
Comment: Bulls are trying to hold-off Bears until a MACD Bull-cross on the Daily.

Will Bulls be able to hold on? Or will the Bears overpower them to the downside first?

If we fall, first Support will be $7340. Then $7200. If we break $7200, we're heading to $7000 with the likelihood of a break-through to $6800 soon after.
Comment: Big waterfall moment to the downside finally occurred... and with Volume.

...and out come the Wolves

Comment: Bulls making valiant effort to climb back into the Wedge. Very impressive. If we close a 4HR Candle Inside the Wedge, it’s Game on.

Though notice the declining Bull Volume and Sinister Rouge Cloud bringing a headwind for the Bulls - but they haven’t shied-away from a fight yet.

Heading into the Weekend, have the Bulls left their move too late..?

Bulls are battling for a Daily MACD Bull-cross, which we aren’t too far from.

This fight could go either way, but I’m leaning 60/40 in favour of Bear right now.
Comment: A few hours ago, we started a new Day. We're forming Higher-Highs (very slightly) and Higher-Lows (at this point!). If the Bulls can maintain this kind of Equilibrium Pattern over the weekend, and with a MACD Bull-cross looking likely very soon, then Bulls are looking 'okay' on the Daily, IMH0.
Comment: Daily MACD Bull-cross occurred and Bulls pounced. Let’s see if momentum can be kept

Comments

What are your thoughts on the daily? Its looking rough short term from my perspective.


+1 Reply
mhfcrypto rickyricardo531
@rickyricardo531, nice work! Sorry it's taken a while to respond, but unless someone tags me in the comments section, I don't get notified. Weird.

A few hours ago, we started a new Day. We're forming Higher-Highs (very slightly) and Higher-Lows (at this point!), and if the Bulls can maintain this kind of Equilibrium Pattern, and with a MACD Bull-cross looking likely very soon, then Bulls are looking okay on the Daily, IMH0.

Reply
@mhfcrypto, All good, no offense taken thanks for the reply. Thanks for the feedback! Yea, the bulls just broke the baseline this morning on the daily. Lets see what happens.
Reply
nice chart my friend!
please look my chart ,
i will show u the money !
if u can,follow me .
+1 Reply
mhfcrypto Ronnie_Dong
@Ronnie_Dong, Thanks!
Reply
Notice how I said we could pop to circa $7630 first and then to the downside. That happened as planned.

And we then hit that $7340 support perfectly. We could form a little Bear Flag now (2HR).

We might try to re-enter the Wedge. But we’ll likeky be rejected, and then visit $7200, and below.

Frankly, I now hope we lose that $7270 higher-low ASAP because I want to get the downside pain and then capitulation over and done with... so we can then begin an new Bull-run with Vengeance.

It’s midnight here. I look forward to seeing the outcome in the morning.

Good luck :-)
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