Short

Bitcoin - July 15, 2020 (Bearish)

Updated

[hr]
Hi everyone,

following up on my analysis of yesterday.
I made some minor changes to my chart, but in terms of analysis nothing changed.
° I drew the green support line a bit more conservative (i.e. in favor of the bulls). However, despite that, as you can see, we clearly broke the green trend-line (to the downside) today.
° Moreover, we also decisively broke the 21-daily SMA (red curve), which sits just below the green support line.
° Also, note how we again
- made a lower high;
- bounced off the base of the smaller (blue) descending triangle.
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OPINION (unchanged): bearish

ANALYSIS (unchanged):
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Since the beginning of June, we are in a descending triangle (black), with base around 8,930 (the .236 Fibonacci retracement ).
On July 8 we saw a failed bullish break-out from the descending triangle , at the end of a +/- 10-day upward trend, that started on June 27 (green line).
After the that failed bullish breakout:
- we are (again) below the 21 daily SMA (blue) and EMA (red);
- we are forming a smaller descending triangle (blue and magenta), with base around 9,150;
- we broke the 10-day upward trend to the downside.

Note

Quick update

In the previous (last closed) 4-hourly candle, we saw a 1.8k BTC dump to +/- 9,025.

Following a quick bounce (on low volume), we have (temporarily) found support at the top of the bigger (black) descending triangle, at around 9,100.

We are forming a bear-flag on the smaller (15min) time frame. This may be a good entry for a quick short.

GeertVD

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