Bitcoin's price may be printing a bear div on the 4 hour. We'll have to see how next candles close and re-assess but the lack of volume on that upthrust is concerning for bulls.
What I see is that there is a clear/clean resistance at $6,850 and $6,900 so you can expect many people to have put their stop losses (buy orders then) above those swing highs. Market makers would spot that and I wouldn't be surprised at all if they try to engineer liquidity by pushing price above those swing highs to fill their sell orders (by trapping some late long buyers also) and then dump the price seeing that market needs to breath a little before going higher.
This is just an outcome among others but this is a pattern that I saw many times in 2018, that's why I wouldn't be surprised if that happened again.
If you like my work and want to show your support, please LIKE/FOLLOW. This helps me to know what kind of content you enjoy !
Nice chart mate, would love to see more of these from you! I also think it's an area of interest for bigger players. Could you explain what the volume divergence is signifying and the difference between a breaker and OB please? TIA.
CryptoTrendy
⋅
@BabyWh4le, well volume divergence is when you see that price makes a higher high but volume histogram makes a lower high (or price makes a lower low and volume makes a lower low). I'll make a lesson for order blocks and breakers, it's pretty dense
BabyWh4le
⋅
@CryptoTrendy, Thanks for the reply dude. That would be great!
InvestingScope
⋅
The 1D Channel Down should reject the price again as a Lower High. It also made a near 4H Double Top. Short:
mohsin.hussain
⋅
Love your Work Bro, When we are having next live Streaming.
CryptoSwindle
⋅
Yep, a judas swing would not surprise me anymore. Have to check what the biggest trader size are at cme futures (last time were still majority short), on the live chart seems they are short again. Expecting data to come out tomorrow.
ChristiaanvanderMerwe
⋅
@cryptogast33, Longs and shorts should move towards parity if I'm not mistaken, there is a heck of a lot more longs right now. The gap needs to close.
CryptoSwindle
⋅
@ChristiaanvanderMerwe, Yep, same for alts. Bullish bid blocks are weak, there is really nothing until 5k (except same traders), whilst selling by bagholders keep continuing (export fiat exchange data to excel and delta buy vs sell or use market profile analyzer), matter of time before down, would be nice to see some capitulation candles, crypto i,s except for last weeks, boring and illiquid enough, just like most stocks now in summer.
CryptoSwindle
⋅
@cryptogast33, ^ that wasn't worded properly: stocks are not illiquid, they're boring with the exception of scalping some tech and energy stocks.
ChristiaanvanderMerwe
⋅
@cryptogast33, Yes I agree wholeheartedly, not near enough liquidity to trade my usual amount. Tried exiting a trade on LINK and shit was dead, was very hard to exit my position in a decent amount of time. And I see 5k as pretty likely, could bounce at ~5.5 but I don't expect a reversal there. This is just an ABC correction of the larger bearish downtrend IMO. Have been moving house all week so didn't get to play it unfortunately. Not looking to enter any time soon. Waiting for capitulation, perhaps 4/5 days of big red candles followed by a large bounce to leave the weekly just a wick down to ~5k.