I haven't published a new idea in a while and have instead been updating old ideas. Because not much has changed in the overall, long term scenario I have not felt it was necessary to create a new idea. That being said, this idea is focused on the short term situation in bitcoin and will therefore only be relevant for a small period of time. I will either be proven correct or totally wrong in the next few days. Lets dive in,
I am still bearish short term on bitcoin because,
1. We are in an overall bear market marked by consistently lower highs which I have pointed out in previous charts
2. I believe there is a case to be made for Hidden bearish divergence, specifically on the 2 hour time frame
3. A small fractal pattern COULD be developing which I have roughly highlighted with pink trend lines
4. The 50 Week Moving average is directly above us (marked in white) a line that I personally believe we are going to remain under for many weeks to come.
Thus, because of these 4 factors I remain a bear short term on bitcoin. If we pierce and confirm above the 50WMA I will reverse my stance and most likely go long.
Please let me know your thoughts on our current and intimidate situation.
All the best,
Red Boar
I am still bearish short term on bitcoin because,
1. We are in an overall bear market marked by consistently lower highs which I have pointed out in previous charts
2. I believe there is a case to be made for Hidden bearish divergence, specifically on the 2 hour time frame
3. A small fractal pattern COULD be developing which I have roughly highlighted with pink trend lines
4. The 50 Week Moving average is directly above us (marked in white) a line that I personally believe we are going to remain under for many weeks to come.
Thus, because of these 4 factors I remain a bear short term on bitcoin. If we pierce and confirm above the 50WMA I will reverse my stance and most likely go long.
Please let me know your thoughts on our current and intimidate situation.
All the best,
Red Boar
Comment:
We aren't out of the woods yet...still waiting for a decisive price movement
