Why Bitcoin will not make it beyond 7580
Despite the latest bullish moves and news (short/ long ratio, short squeeze, USDT, bullwhale activity...) there´s a heavy resistance area in the making I want you to be aware of:
1. The long standing major resistance line (red)
2. A resistance area (7320-7720) with a lot of volume
3. Golden Pocket, twice shorted before (golden Pocket is the area between fib 0.65 and 0.618)
4. The SEC will most likely reject the next ETF on Friday
5. Price movement within a rising wedge (bearish) for the last 2 weeks (red wedge)
6. 200 day moving average (blue line)
7. Bearish divergence on the 1h & 4h RSI (not on this chart)
Imo all of this creates a decisive moment for BTC in 2018, beginning this Friday, lasting until mid next week.
I hope this chart helps some of you with their decisions, I´m currently flat, expecting a pullback with Bitcoin maxing out around 7580.
If you have anything to add or want to share a different opinion, please feel free to comment below.
I wish you great trading!
1. The long standing major resistance line (red)
2. A resistance area (7320-7720) with a lot of volume
3. Golden Pocket, twice shorted before (golden Pocket is the area between fib 0.65 and 0.618)
4. The SEC will most likely reject the next ETF on Friday
5. Price movement within a rising wedge (bearish) for the last 2 weeks (red wedge)
6. 200 day moving average (blue line)
7. Bearish divergence on the 1h & 4h RSI (not on this chart)
Imo all of this creates a decisive moment for BTC in 2018, beginning this Friday, lasting until mid next week.
I hope this chart helps some of you with their decisions, I´m currently flat, expecting a pullback with Bitcoin maxing out around 7580.
If you have anything to add or want to share a different opinion, please feel free to comment below.
I wish you great trading!
Comment:
Well, that drop came a little faster than expected, but now we´re out of this wedge. Let´s see if 7100 holds.