Hi all,
This is an update on my previous idea:
Seems we have dropped down from the up trend line support on the 4H chart. Price is showing decisiveness and levitating within the 8600-9000 area. We should go further down to test the 20MA. Even though there is the Swell event today, from previous experience, we know how price gets pumped and then swiftly dumped aftewards. I am thinking we won't see a pump to above the horizontal resistance, we may even see a double top and a sharp turn down. If 20MA doesn't hold, we go to lower support and then another lower support lies below should BTC decides that a shit on the market. MACD shows down as well and if you have seen the previous idea, you know I recommended going short as soon as 1H candle closed below the support trend line but it then went up to 9000 so if you had yours stop loss above the support trend line, you shouldn't have been burnt by much.
TLDR: it seems it will go down, look for price action at the 20 MA and BTC mood. I personally will short until we go to horizontal support and then cash out a portion.
Cheers.
This is an update on my previous idea:
Seems we have dropped down from the up trend line support on the 4H chart. Price is showing decisiveness and levitating within the 8600-9000 area. We should go further down to test the 20MA. Even though there is the Swell event today, from previous experience, we know how price gets pumped and then swiftly dumped aftewards. I am thinking we won't see a pump to above the horizontal resistance, we may even see a double top and a sharp turn down. If 20MA doesn't hold, we go to lower support and then another lower support lies below should BTC decides that a shit on the market. MACD shows down as well and if you have seen the previous idea, you know I recommended going short as soon as 1H candle closed below the support trend line but it then went up to 9000 so if you had yours stop loss above the support trend line, you shouldn't have been burnt by much.
TLDR: it seems it will go down, look for price action at the 20 MA and BTC mood. I personally will short until we go to horizontal support and then cash out a portion.
Cheers.
