$BTC short term bearish outlook

When BTC surged to touch 49K in the prior move we saw a shooting star candle form with a proceeding downward move. We see the same thing happen on the daily candle close once it hit $53k. We also see bearish divergence on the RSI indicator on the 4hr timeframe.

If history is our teacher then a move down should be forecasted in the near term. As you can see from the chart i have support at roughly 49K, if you want to be on the safe side then waiting for this next candle to print red or break support then take an entry. We should see price then retrace close to the box below where it consolidated at around $43K.

Let me know your thoughts!

Comment:

BTC has started to consolidate here. We have a range from $52,800 down to $51,500. Break away to either side will give us direction. In this case we are hoping for the short side to materialize.

Comment:

We now see a breakdown of the consolidation after the shooting star candle was formed and closed. We can look for a retest of $51,500 before we further drop. Stop can be set to breakeven to protect from the normal BTC movement.

Comment:

Forgot to mention that the next key level to watch is of course $50k then we want to break the top of the previous shooting star candle which is at about $49,100

Comment:

testing the consolidation area. Looking for a rejection and a breach of 50K

Almost looks like a double top being formed on the 1hr and 4hr time frames. A break of 50k would confirm this observation

Trade active:

entered full size here

Trade active:

Almost got stopped out. That push to fail higher is even better confirmation of the incoming move!

Targeting 47k still

Trade active:

Once $50.500 area is breached this will start an accelerated decline. Holding strong now but still no higher high. Will add more if we ever touch $53K again.

Trade closed: stop reached:

Man BTC is an animal of its own.
Was a decent setup but didnt follow through!