HuPan
Short

Double top confirmation incoming for Bitcoin

BINANCE:BTCUSDT   Bitcoin / TetherUS
Just another threads continue to analysis and update how to short bitcoin .

Current status is worst for bitcoin , since a double top is formation, if the trend is confirm by price drop below the neck line ~ 9700, huge sell off will trigger, And I think the possibility for this to happen is very high in one or two weeks. Keep our short position tightly!

If you'd like to see my previous post for short bitcoin from ~ 12000, pls click following link:
Trade active: Market finally moves to bear side, watch closely the previous higher lower ~ 9860 will be retested, and then the previous previous lower ~ 9727, if this level break with huge volume, the double top header formation will be formed, this is the worst case for BTC, but the best case for shorters. I have sell part of my short position, left about half of short position in hand.

Trade active: ~9700 test ongoing, it's time to show the commitment of bears.

Trade active: We have good setup so far, bitcoin try to retest the neck line but failed, usually in the neck line range is another good chance to add our short position.



Next step is explore where is the end of the correction, pls see my previous post:


The important target is fib 0.618 and the weekly 20 MA, so I thought the final correction target will be around 7000-8000. and As you can see, in ~ 8000 there is good support, let's see if it can be hold.
Trade active: a down trend triangle is forming.

Trade active: Very good setup so far, which support level we may expect a bound in 1H or 4H time frame even in daily time frame?

Volume analysis is a good tool for the answer exploration:


First support : ~8700 ~ 9000
Second support : ~ 7900 ~ 8200

And another indicator we should watching closely is daily RSI:


Current value ~ 39, My plan is buy some long term holding when daily RSI @ 30.
Trade active: quick bounce from the first support, but currently showing hesitate is the edge of up trend channel. not optimistic for bulls, especially in the major resistance ~ 9700, which is the neck line for daily double top pattern.

Trade active: my point view about the price surge suddenly, bulls incoming? wait, wait...
I hope you find yourself on the wrong side of the market ... bye bye
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HuPan ABProject
@ABProject, wrong or right, time will tell, if I'm wrong, keep calm and carry on
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