Hi guys. This is the new update after the previous bear flag broke down.
I am still pretty bearish on BTC these few days. Reason being that there's a lower low and higher low on the bigger time frame. This pattern usually constitute that the crashing pattern is still in play.
As you can see, the candle decided to close below the orange line (which constitute the July uptrend line) on the Daily time frame. This shows that the bulls have exhausted and ready for further break down.
A few more candle confirmation will required to short the market and a retest of the market structure (blue line @ $6,436) might eventually come true.
Thank You.
CK
I am still pretty bearish on BTC these few days. Reason being that there's a lower low and higher low on the bigger time frame. This pattern usually constitute that the crashing pattern is still in play.
As you can see, the candle decided to close below the orange line (which constitute the July uptrend line) on the Daily time frame. This shows that the bulls have exhausted and ready for further break down.
A few more candle confirmation will required to short the market and a retest of the market structure (blue line @ $6,436) might eventually come true.
Thank You.
CK
Trade active
Break down has occurred after 30mins of this post. Good startNote
Probably a rising wedge on the 1 hour chart. Rising wedge is a bearish scenario. A breakdown of that wedge confirms bearish playout.
Note
Broke down the wedge. Short opportunity
Note
Potential big bear flag in play
Note
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.