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TiborVrbovsky
Jul 30, 2021 2:34 PM

Bitcoin about to Reverse. Short

BINANCE:BTCUSDT1D
Bitcoin / TetherUSBinance

Description

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It's funny to how people start to be bullish and start buying into Bitcoin and altcoins as they see the recent rally.

Remember, when everyone around you is bullish, is mostly a bad sign.

Bitcoin has formed a reversal Doji pattern which is expect to bring at least a correction to $35000 where the daily 20 and 50 EMA's are located.

Bitcoin has seen 8 positive days in succession which gains have to see a proper correction.

As Bitcoin has failed to break above pivot at $41330, forming a new lower high at $40900 a deeper correction is expected.

4h time frame is extremely overbought without any proper correction in the process.

The daily trend is still a downtrend so remain cautious.

If Bitcoin manages to find support at $35000 area, the daily trend will change into an uptrend.

However a if the price breaks below these EMA levels, daily downtrend will continue and values below $30000 could easily occur again.

Good luck!

Comment

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The formation has failed to deliver as the gains overcame the losses from that day and canceled the bearish candlestick formation.
Support and ResistanceBTCBTCUSDBTCUSDTBitcoin (Cryptocurrency)bitcoinforecastbitcoinpricebitcoinusdbtcusdshortCryptocurrency
Comments
CHARTKITCHEN
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This is why you should wait for the candle close
Kjakail
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@CHARTKITCHEN, perfect comment.
TiborVrbovsky
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@CHARTKITCHEN, I agree, I was leaving on the other day so there was unfortunately no time to wait and have made an early guess, turned out wrong!
Kenzo_Crypto
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its funny your are always wrong!!!
TiborVrbovsky
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@Kenzo_Crypto, Two in a row means always? 😁 If I am still wrong, then do the opposite always and you will make easy money
MynameisTeo
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My firend... i don't read what you say in the text, but i read your chart : text book entry for short ( my ask is : you wait for dayli candel to close? ) If you wait... NICE , if you don't wait ... NICE again was right anyway.
TiborVrbovsky
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@MynameisTeo, Well I am bull myself, I don't do shorts I just trade BTC as a spot. I was looking to buy at $35000 and I am still waiting for a decent correction to happen.
MynameisTeo
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@TiborVrbovsky, Same for me , with that 35 k area... but i try to short from 43k -44k ... now that area looks "if y"
Atifshoter
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its go to 42000 🤣
TiborVrbovsky
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@Atifshoter, Yeah the daily close overcame the losses and closed higher than the doji one.
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