BitcoinShort
BTCUSD Double Top Rejection...Is this what the Bears need?!
Updated
Although the couple two days presented great opportunities for both bulls and bears the bigger picture seem to be painting towards favoring the bears. Why?
We have now painted a double top rejection on the tentative sloping resistance line to the very "T"(pretty much confirmed to be a solid point of critical resistance). I am positive any trade above the 12000-12200 range will trigger a one of a kind bull run provided it stays there any longer than the last 3 tries, yet the market makers seem to be wanting to squeeze a lot of bulls and bears alike out of their positions with scare tactics, before letting the beast loose or taming it.
Targets:
My take:
A wise bull once told me: It's okay to be a disguised as a bear sometimes, this is not financial advice!
As always Trade Safely, Happy Trading!
We have now painted a double top rejection on the tentative sloping resistance line to the very "T"(pretty much confirmed to be a solid point of critical resistance). I am positive any trade above the 12000-12200 range will trigger a one of a kind bull run provided it stays there any longer than the last 3 tries, yet the market makers seem to be wanting to squeeze a lot of bulls and bears alike out of their positions with scare tactics, before letting the beast loose or taming it.
Targets:
- Resistance - 11800, 12000, 12200 best case scenario 13000
- Support - 11600, 11400, 11200 worst case scenario 10900
My take:
- Any trade below 12000 will eventually see us plunging further down, the bulls need to stay above that to keep the rally alive.
- The RSI is at a stable 60 a drop below this range will see further drop in price.
- The bigger picture though we look to be consolidating after what seemed to be a super quick rally with very little volume.
A wise bull once told me: It's okay to be a disguised as a bear sometimes, this is not financial advice!
As always Trade Safely, Happy Trading!
Note
BTCUSD keeps failing to rally past 12000 now with yet another rejection the bears would need a clear break of 11600-11400 range to set yet another swing low that would potentially see a further drop towards 11000. "Bear" in mind though that there may be campers at low targets such as the 11000 region and even SMART MONEY that may cause a reversal in price action should it ever go that low again.
This is by no means financial advice.
As always Trade Safely, Happy Trading.
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