BTC approaching resistance and showing bearish divergence!
Hi there cryptofriends!
Today I will share my ideas for BTC with you all. We have all seen BTC making strong moves up last week. There are a few reasons why I am short at this level:
1) Price approaching Monthly TL as resistance
2) Weekly chart shows us this price level has been tested a lot of times since October 2017. This also means that if we are able to flip this level, we will most probably turn bullish!
3) Fib 50 lines up perfectly with the Monthly resistance
4) Previous fib hitting 78 now, lining up with the fib 50 from the picture above here. Pullback and then continuation?
5) Bearish Divergence on the 4H chart
All these things combined give me a bearish mindset for now. I'm overall bullish for BTC, but I don't think we are in that time yet.
Feel free to share your thoughts on BTC and my idea!
Happy trading!
Today I will share my ideas for BTC with you all. We have all seen BTC making strong moves up last week. There are a few reasons why I am short at this level:
1) Price approaching Monthly TL as resistance
All these things combined give me a bearish mindset for now. I'm overall bullish for BTC, but I don't think we are in that time yet.
Feel free to share your thoughts on BTC and my idea!
Happy trading!
we are still below our initial entry position and have been in a descending channel for some time. Anyways, today it broke out of the channel for the first time to the upside but still there are a few things that are conflicting.
First of all price broke out of the channel to the upside and has made a retest on the current 4H candle. This usually gives us the confirmation to go long. Anyways, in this case we can also see there is a Hidden Bearish Divergence formed on the RSI, which indicates we could get some more downwards movement. Until we have this 4H candle, and maybe the next one, I don't think we can clearly decide what direction we are moving so I would suggest not to jump into a trade now.
We can also see that the previous pump has hit the Fib 127 target too, so I think we should be careful here.
I would suggest to wait what the next candles are going to do, closing back inside the channel quickly? -> more downwards movement coming.
Staying outside of the channel? -> This idea will probably be invalidated quickly and we can look for bullish targets. In case we turn bullish I will make a new idea.
Happy trading!