HuPan
Short

Multi time frame analysis for Bitcoin, top pattern incoming?

BINANCE:BTCUSDT   Bitcoin / TetherUS
Bitcoin now near the previous high ~ 14000, I'd like to have a multi time frame analysis about bitcoin , and I will try to describe what's the best option for traders.

Weekly Time frame:
For the weekly time frame, I'm rarely seeing two green candle stick after the shooting star pattern with huge volume . weekly RSI running in overbought long times, I'm expecting the price & RSI drop soon. and from the volume observation, we can see the volume decreased over time, which is not a good sign for bulls.


Daily time frame:
For the daily time frame, the price and RSI divergence observed, and volume decreased over time, this is a possible double top scenario, and the second top maybe lower than the first top since lose interest for bulls from the volume indicator. if the double top 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!
Trade active: Woo.. I didn't expected the major trend support ~ 12000 can be break so fast.


Drop will continue, add short position when retest 11900~12000, stop loss ~ 12200-12300.

in 15min time frame, short need to have a rest.
Trade active: It's time to lower our stop ~ 11800 to protect our short profit. and should be caution if bulls breakout ~11500 with good volume.

Comment: Oops, wrong chart above.
Trade active: next step I will set partial of my short contract order stop to ~11550.
Trade active: Good to see we take some profit ~ 11550, and bulls need to hold ~ 11400, otherwise bear will take over this game again!
Trade active: Just break the uptrend channel in 15min Time frame.

One more step for bear to control downtrends.

Trade active: Time to retest support ~ 11000.

Trade active: Just drop the important support line ~ 11000, the path still in play, if bulls don't pull back to 11000 immediately, bear will show their strength again, in total: as long as we below ~ 11000, the possibility retest ~9700 will increase.

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!
Nice RSI and Support RES zones.
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HuPan Bullandbeartrading
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