Short

BTCUSD - Bearish Divergence - Quick Short

Updated

BTCUSD 4hrs Bitstamp showing bearish divergence, RSI is still in oversold region a bit.
It will try to bounce of the fib levels.

Check out the bottom blue horizontal line on RSI indicator, once rsi touches that, it should indicate the bottom of the dip and move back up again.

Trade active

BTCUSD continues dipping with progressive increase in selling volume.
RSI however has returned from oversold on 4hrs timeframe.
I expect it to continue dipping as there is more selling pressure in market.

Trade active

So BTC had a sharp fall. Selling Volume looks good too. Next few candles will be interesting.
RSI has touched the bottom blue line for now in 4hrs timeframe

However, its still resting over ichimoku cloud , hasn't broken it. So it can bounce up from here.

It has formed a double top but will it break the neck line?

Trade active

And here we go. Huge BTC drop. Patience pays off.

Double top formation in 1day time frame, broke the neck.

Candle is lying at the bottom of kumo cloud in 4hrs frame.

RSI heading in oversold region.

Bottom should should be 2250 if it dips further from here

Trade closed: target reached

Closing this for now . 1st target of 2500 was hit.
Price bounced off bottom of ichimoku cloud. Price returning from oversold region.

Will reassess later.

Trade closed manually

BTCUSD price has followed exactly as I predicted. If anyone of your followed this graph, might have been pretty fruitful :)

sniperz

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