My previous idea is still in play. Here an update on the 4h chart. I extended my previous red lines that show the downward trendline and heavy resistance zone we are currently in. Simultaneously, we are testing the broken Support/newly turned Resistance line of the Descending Triangle. Note: It seems like we are forming a rising wedge and also have a bearish divergence on the 1h chart. Buyers may be getting exhausted. Some candles printed like the 4h hanging man and 4h shooting star are also bearish...
This is CRUNCH TIME Ladies and Gentlemen! In my opinion this was a good opportunity to add some more to short positions as we are in a bear market and it will likely continue down from around this area. HOWEVER, IF and only IF we break these RESISTANCE ZONES/TREND LINES WITH VOLUME and RE-TEST, then I shall invalidate this downtrend.
Best of Luck my homies!
This is CRUNCH TIME Ladies and Gentlemen! In my opinion this was a good opportunity to add some more to short positions as we are in a bear market and it will likely continue down from around this area. HOWEVER, IF and only IF we break these RESISTANCE ZONES/TREND LINES WITH VOLUME and RE-TEST, then I shall invalidate this downtrend.
Best of Luck my homies!
Comment:
Invalidated. Rising Wedge pattern, which may have also been an ascending triangle pattern, broke upwards. Overall came out with a small overall profit on this short trade. Took partial profit near 29k area and stop got hit on this up move. To me this pump was solely caused by Elon Schmuck talking on TV with a Bitcoin Shirt causing people to buy in and fomo at 29k and upwards... But this is how it is in Crypto. Currently testing 34k area but I am not yet convinced that this entire bearish sentiment/bear market is over... So I am still weary about longing this and waiting on the side lines until the next patterns appear! Have a good weekend everyone and until then :)