mrhashem

BTCUSD Bearish Formation

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin on the higher time frames created a bearish formation on the lows. on the 2D it's a Triangle which the measuring point would be the bottom trend line (Macro descending channel ).
The 2D SMA 200 could be a Support but I don't think it'll hold. Then there is the bottom horizontal support line. It could bounce on there even it can go through and fake the breakage.

2D Stochs are rejected by the Bullish Control Zone:

The VPVR on the $6000 horizontal has the last node of the populated area:

Hidden Bearish Divergence on 2D RSI(14) is present:
Although the Divergence is present in the Bearish control zone and it's a Hidden. So I don't put too much weigh on that. But it can drive the price to the bottom of the range and the horizontal support which is approx. $6800.

So after all, if BTC Close a 2D candle below $6900, the downside chain reaction would be started and could bring it the low $6000. From there probably a bounce and ranging (and even downside continuation). But before all this BTC could pump from here to the upside of the channel but if this happens nothing will change all of this because the Weekly is on a DownTrend. when a Weekly candle closes above $9600 it would make a Higher High on the Weekly scale, but until then the Weekly and higher time frames are bearish.




-Hashem
Trade active: Update:

If a 2D candle closes above EMA 21 and 7600, then it could extend to $7800 and Low $8000s.
Trade active: The hidden Divergence played out and brought the price to the lower range which is $6800. But no 2D candles closed below $6900.
Trade active: The Stochs are turning although it's not confirmed. as I said if a 2D candle closes above ema21 and breaks the triangle it could test the $7800 and low $8000s.
Trade active: The $8k Target has been reached. now probably it'll test the upper trend line of the big channel.(If it could close above the 200EMA)
Trade active: The next 2D candle close is very important in order to confirm a local high or it could test the upper trend of the channel. If 2D close above $8000 It could test $8600 and so. If a 4H candle closes below 7700 It could test 7400 and probably another failed attempt for the channel breakage.
Trade active: Now the Top channel trend has been tested. I'd wait for local top confirmation of it or breakage of it.
Trade active: Looks like a top. But if a Daily candle close below $8200, that's problematic and a downtrend on daily is confirmed and price probably test the lower $7000s.
But as long as BTC is above $8200 , there are no problems.
Comment: The local top didn't confirmed. and a Daily candle close above SMA200. I'm long from $8500. looking for the test of the last Weekly Swing High. If a weekly candle close above $9600, the weekly trend become bullish and I look for pullbacks for Long Entries.

Without Risk and Position Management, You WILL Lose Money.
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