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Lower High Rejection on the 1D Channel Down. Short.

Short
BITFINEX:BTCUSD   Bitcoin
Since the "unfilled pattern" (ellipse shape on the chart) the price changed its sequence and rose higher than the 6,446.20 1H Resistance. Still as you see it made a Lower High Rejection on the 1D Channel Down. 1H has already made a near 6,400 test (RSI = 38.785, Highs/Lows = -23.0500, B/BP = -69.0539) with MACD = -21.200 indicating that the SMA200 = 6,266.1 is its next and final target. As a result, that 4H Channel Up (caused by the "unfilled pattern") is now void (ADX = 22.847, B/BP = -71.3297) and since the June 18 - 20 6,850 Highs were not reclaimed, 1D should look to fill the downside gap to 6,000 (essentially all its remaining MA period) again on a MACD = -199.900. Still sell mode with TP = 5,617.4 as 1W remains bearish overall (Highs/Lows = -77.2664, B/BP = -8412.8402, MACD = -448.700). According to the 1W curve since the 19,891.0 ATH, the uptrend is limited to 7,712.60. We have already added the second short at 6,640 and will look for a final at 7,700 (if presented), but this scenario is highly unlikely.

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