Bulls ask BTC to dance, get rejected
Updated
If you check back into my post from last night, I was feeling a little cautious after identifying a bearish divergence, and we did fall.
I sold my long position at 11.56k today and am looking for a new entry point. So here we are now.
This is what I see on the 4HR. Sloppy positive sloping H&S (red neckline) broke down. We have already tried to retest that neckline from the belly side and been rejected. I think we keep going down.
I'm slapping on a target price tag of 10.75k (green line), but do your own research, take your own risks.
50EMA may act as support before we reach that price.
I don't have any strategy right now besides patience.
Measure twice, cut once.
May all life's treasures be yours.
I sold my long position at 11.56k today and am looking for a new entry point. So here we are now.
This is what I see on the 4HR. Sloppy positive sloping H&S (red neckline) broke down. We have already tried to retest that neckline from the belly side and been rejected. I think we keep going down.
I'm slapping on a target price tag of 10.75k (green line), but do your own research, take your own risks.
50EMA may act as support before we reach that price.
I don't have any strategy right now besides patience.
Measure twice, cut once.
May all life's treasures be yours.
Note
Played out nicely. Currently holding support at target price, looking for a rally up over 11k. If we fall, look again for support at 200EMA.
If you draw a line connecting all the lows since Feb 5, you'll notice our break down today is below that dynamic.
We really need to get back up over 11k today, or the trend will be down, especially if we retest and confirm that line as resistance.
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