mini_miner

Why I am bearish about Bitcoin?

BINANCE:BTCUSDT   Bitcoin / TetherUS
I am bearish about Bitcoin now for at least 3-4 weeks. Here is some reasons for it.
First of all, let me see 4H time frame.
A descending channel is formed from 1 June 2020. We can see obviously Lower Highs and Lower Lows from 1 June up to now.

Now, look at a longer time frame, the daily time frame.
Since the huge drop to $3800 on 13th March up to 1st June, we see a strict upward movement. But by starting June, we can see that the uptrend movement is stopped and even it may reverse to downtrend. Also, we can see that the number of red candles is increased.

And now, let me go to a yet longer time frame, the weekly time frame.
We are close to the top edge of the descending channel formed since June 2019.

Also, we can see patterns and trend lines that tell us the price is dropping.
An inverse H&S pattern is forming. If it continues we should see a drop to 6k or 5k channel in mid-term.

Besides these, if you see the top chart, we can see an overall decrease in the volume . Also, a death cross is forming in the MACD .

And at last, besides technical analysis , the fundamental reason exists to drop: the fear of the second wave of Corona pandemic.

All of these, convince me to expect the bearish market at least for the coming 3-4 weeks, except a strong fundamental event occurred.

Note: If a higher high occurred during this month I will drop my bearish sense.

I am not a professional trader, but I like to be :)
I am trying to learn more and more.

Comments

Thanks for brining this to my attention
Reply
mini_miner MartyBoots
@MartyBoots, Thanks for your attention to my idea.
Reply
Thanks for sharing your idea.
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Nice ... long time frame like weekly is a serious one ... we have to keep our eyes on it ...
This is really important resistance ...
Breaking it means we will see 16k ...
Reply
mini_miner AminHa4
@AminHa4, Thanks. Yes, I agree. This time frame is so important. I will drop bearish sense if a higher high occurred during this month.
+1 Reply
AminHa4 mini_miner
@mini_miner, Well, personally I wont enter any trade more than 300 pip for now ...
Reply
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