Weekly Time frame:
For the weekly time frame, I'm rarely seeing two green candle stick after the pattern with huge . weekly running in overbought long times, I'm expecting the price & drop soon. and from the observation, we can see the decreased over time, which is not a good sign for bulls.
Daily time frame:
For the daily time frame, the price and divergence observed, and decreased over time, this is a possible scenario, and the second top maybe lower than the first top since lose interest for bulls from the indicator. if the formed, we are expecting huge sell off incoming. ~8000 support maybe tested later.
4H Time frame:
In the 4H time frame, we can see a clear uptrend support line, and another uptrend support line slope increase but failed to hold by today. I'm expected a top pattern to be formed in 4H time frame also, first scenario : double top:
and the ~12000 uptrend support line is the most important support to hold for bulls. watching closely.
second scenario: H&S:
For 1H and 15mins, I will left to waiting for the 4H show weakness and find best entry point.
Thanks for your time, if you'd like this idea and hope more contribution from me, pls like!
Drop will continue, add short position when retest 11900~12000, stop loss ~ 12200-12300.
in 15min time frame, short need to have a rest.
One more step for bear to control downtrends.
Another things I observed is the quarter contract price is near to the monthly contract price, the differentiate between monthly and quarterly price is about 300 USD in few weeks ago, which indicated the expectation is turning around.
Very good to see we have good short position right now, so we can use passive stop short to get our profit in pocket, Trading suggestion:
Stop short ~ 11500, or break the the down trend line with volume in 4H time frame.
Happy trading, give me a like, many thanks!