As we take a look at the daily TF, the hidden bearish divergence(Price making lower highs while RSI making higher highs) is pretty evident. And not to forget , we have also had the 'Death cross'. This also aligns with the cyclic up and down pattern that BTC has been following for nearly three months now. Considering that , this could be the start of next 30 days of bearish price action that could lead to the support zone of 7k.
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Moving as planned. Got rejected by the daily 200 MA which is a big deal resistance. Pattern will be invalidated if we break and close above the 200 MA and RSI making new high.
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So far so good. Waiting for the retest of support at 6800.
Going as planned. Looking for a reversal formation in the 6800-7200 region.
MovingWater
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awesome job..
agreed
MovingWater
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@lemosedmirf, keep the good work man. Ignore, those people that do not know about the market.
Spectre-788
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@lemosedmirf, thank buddy.
pakardel
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keep posting bearish TA and we'll get out of the bear market next year.
i'm not saying you are right or wrong, just keep the bearish TA to yourself. traders already know what to do.
posting this kind of charts keeps traders inside this triangle patterns. the selling zone only exist if we all (or most of us) agree to sell at one point ... so how can we get out of the bear market as long as we keep setting higher lows and lower hights?
@brudi23, why do ask?? just read my comment. posting this TA's we are setting limits and the trading range just get's smaller and smaller. why would you do that?
Spectre-788
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@pakardel, a good trader makes money either way- Bearish or bullish . I try my best to identify what the market is trying to say. I do not fight the market , instead I let the market choose. Let's see where we go.
pakardel
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@Spectre-788, a good trader doesn't trade based on this kind of TA. a good trader already knows what to do. the rest are like sheeps ... and most just panic selling
Spectre-788
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@pakardel, well , this is an idea based on some factors, to agree or disagree is totally up to your own research. If you have a solid plan , you should definitely stick to it.