Short

Selling opportunity in Bitcoin?

Updated

I don't know if the price will go up or down. But I think buying now in areas of multiple resistances is a bit risky.

Any divergence in either the MFI or the RSI indicating buying exhaustion, I believe it is a good time to sell. As happened on July 28th.

Trade active

Stables coins dominance signaling a bear trap.

Note

MicroStrategy in resistance zone.
Many consider this stock a proxy for Bitcoin.
The correlation on the weekly chart is at a point where it tends to increase (periods from July to September).
In addition, the price is at the top of a long rising channel, threatening to break above and then turn back down in a symmetrical triangle on the daily chart.

Note

USDT, USDC and DAI dominance index (together).

We have a possible false breakout of the bearish trendline in dollar dominance.

If this falsehood comes true, USD dominance falls, and so Bitcoin rises.

On the other hand, if there is indeed a breakout above and dominance rises, BTC falls further.

Trade closed: target reached

Wait for the next entry.

Trade active

Next target: 59k

Note

The price needs to respect wave 1 to continue rising.

Note

Bullish divergence

Note

VIX: people are scared...

Trade closed: stop reached

Partial target hit, operation cancelled.

Note

Will the party end early or will we still have an extension if the same bullish leg of wave 3 repeats?

Trade active

Bear divergence on Money Flow Index, also with rejected resistance in RSI.

Targets:
$ 62,875
$ 61,074
$ 57,229
$ 53,376
$ 48,725

Bear divergence on Money Flow Index, also with rejected resistance in RSI.
Can be only a pullback to continue rising? I don't know.

Note

Pullback scenario:

Note

⏳ Waiting...

Order cancelled

The scenario in this chart is out of date.

andre_007

To contribute to my work:
⚡Bitcoin Lightning: forwardocean64@walletofsatoshi.com
🟠Bitcoin: bc1qv0j28wjsg6l8fdkphkmgfz4f55xpph893q0pdh
🔵PayPal: paypal.com/donate/?hosted_button_id=D9KRKY5HMSL9S

Also on:

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.