BITCOIN IN DANGER OF FALLING TO 24K UNLESS BULLS STEP IN SOON!!
This idea is labelled short to indicate that the current trend is bearish; this is not a signal to go short right now.
Hi guys, this is OG back with another market update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Bitcoin price action looks very weak the past few days. When Bitcoin finally managed to break above the 200MAs on the 15Min TF, it wasn't able to hold above. As I always say, reversals on larger timeframes start out on smaller timeframes, which is why I also trade smaller timeframes as it can sometimes give great entries. Unfortunately in this case, Bitcoin couldn't even conquer the 15Min TF. Now price is trading again below the 200MAs on the 15Min, and it is now overhead resistance. If price tests the 200MAs, at roughly 32.1K and again struggles to break through, I will be looking to take a short. If it can break through with strength and create some spacing between the price and the 200MAs, then I will start to flip bullish and look for long entries.
On the downside, there is support at 31.1K. If price gets to that level and has a false breakout setup, in which price closes below the support and is then followed by a close above the support, then I will look for a potential long entry.
I'm not sure which way price will go, but either way I will be ready to trade long or short if the right confirmations are in play. Prepare so that you can act when the time comes.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Hi guys, this is OG back with another market update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Bitcoin price action looks very weak the past few days. When Bitcoin finally managed to break above the 200MAs on the 15Min TF, it wasn't able to hold above. As I always say, reversals on larger timeframes start out on smaller timeframes, which is why I also trade smaller timeframes as it can sometimes give great entries. Unfortunately in this case, Bitcoin couldn't even conquer the 15Min TF. Now price is trading again below the 200MAs on the 15Min, and it is now overhead resistance. If price tests the 200MAs, at roughly 32.1K and again struggles to break through, I will be looking to take a short. If it can break through with strength and create some spacing between the price and the 200MAs, then I will start to flip bullish and look for long entries.
On the downside, there is support at 31.1K. If price gets to that level and has a false breakout setup, in which price closes below the support and is then followed by a close above the support, then I will look for a potential long entry.
I'm not sure which way price will go, but either way I will be ready to trade long or short if the right confirmations are in play. Prepare so that you can act when the time comes.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
