BTC down trend continues
Updated
Hello everyone,
Update on BTC. we moved down killing the long term bull trend ( 1D chart, check my trading view ) now the trend is down for the time being so:
Short positions is what its all about!
I'd expect BTC to retest its resistance, when is difficult to say but I'd hope it happens before we go below 7.1K~6.85.
still in a down trend even if we retest the resistance, so don't cheer for a long position yet since that is risky in a down trend.
why:
-Ichimoku indicating down wards movement.
- TK cross
- Volume since wedge 1 and 2.
- EMA 125 indicating strong move down
- EMA 25 for price trend
- higher time frame trends
- EMA 125 extend from price ( yellow arrow )
So what to watch for:
- EMA 25 price trend shift
- Cloud rejection(/entry) ( possible )
- TK cross
- EMA 125 as strong resistance
- Volume spike ( yellow box )
TLDR: Watch for a move up to remove the EMA gap, rejection afterwards for down trend continuation.
as always,
Happy Hunting!
Update on BTC. we moved down killing the long term bull trend ( 1D chart, check my trading view ) now the trend is down for the time being so:
Short positions is what its all about!
I'd expect BTC to retest its resistance, when is difficult to say but I'd hope it happens before we go below 7.1K~6.85.
still in a down trend even if we retest the resistance, so don't cheer for a long position yet since that is risky in a down trend.
why:
-Ichimoku indicating down wards movement.
- TK cross
- Volume since wedge 1 and 2.
- EMA 125 indicating strong move down
- EMA 25 for price trend
- higher time frame trends
- EMA 125 extend from price ( yellow arrow )
So what to watch for:
- EMA 25 price trend shift
- Cloud rejection(/entry) ( possible )
- TK cross
- EMA 125 as strong resistance
- Volume spike ( yellow box )
TLDR: Watch for a move up to remove the EMA gap, rejection afterwards for down trend continuation.
as always,
Happy Hunting!
Note
watching the pattern but not tradeable for me since there isn't that much confirmation except for the wedge pattern and volume break out, I'd like more!
Note
Breaking 7.2, potential for further move up.
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