Bitcoin heading for an unwind continueing the bearish trend
Welcome to my first post here on TradingView.
Its been a long time coming but with having so many followers on eToro along with copiers ever curious about how I get to my trading decisions I thought I’d better start sharing what I look for and how well the predictions pan out.
This is one of my unusually short term predictions on the 4hr chart of bitcoin and hope that it comes out how I planned (more on the presentation than the predictions)
After hunting a fair amount and tweaking Whats out there I think I have found a fairly good combination of charts.
I’ll talk you through each point.
After having a mini break out today we have seen a huge buy wall around the 7k mark that reinforces the bearish trend as this buy wall is drifting ever lower as the bears are taking more and more of a hold on the market. This in turn has brought down the vast majority of the other major Cryptocurrencies out there.
Once the 7k mark was hit I started opening SHORT trades on eToro to put my total exposure on a bearish tilt once again as I have been locking in profits of some of my shorts on the way down.
I believe that the bullish break out is running out of steam as evidenced by the lower volumes along with the overbought on the Stochtastics. On the daily chart we are still witnessing an ever closer tumble back towards the 6k mark that had a major bounce due to such a huge buy wall, I believe though that this wall has now been greatly reduce and most likely will play a major part at the 5k mark.
As we also didn’t manage to break and hold above the resistance levels we will most likely not see the 7.5k mark until the bearish cycle is broken.
Very interested how the rest of this weekend plays out!
Its been a long time coming but with having so many followers on eToro along with copiers ever curious about how I get to my trading decisions I thought I’d better start sharing what I look for and how well the predictions pan out.
This is one of my unusually short term predictions on the 4hr chart of bitcoin and hope that it comes out how I planned (more on the presentation than the predictions)
After hunting a fair amount and tweaking Whats out there I think I have found a fairly good combination of charts.
I’ll talk you through each point.
After having a mini break out today we have seen a huge buy wall around the 7k mark that reinforces the bearish trend as this buy wall is drifting ever lower as the bears are taking more and more of a hold on the market. This in turn has brought down the vast majority of the other major Cryptocurrencies out there.
Once the 7k mark was hit I started opening SHORT trades on eToro to put my total exposure on a bearish tilt once again as I have been locking in profits of some of my shorts on the way down.
I believe that the bullish break out is running out of steam as evidenced by the lower volumes along with the overbought on the Stochtastics. On the daily chart we are still witnessing an ever closer tumble back towards the 6k mark that had a major bounce due to such a huge buy wall, I believe though that this wall has now been greatly reduce and most likely will play a major part at the 5k mark.
As we also didn’t manage to break and hold above the resistance levels we will most likely not see the 7.5k mark until the bearish cycle is broken.
Very interested how the rest of this weekend plays out!
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.