BitcoinShort
[BTC] Possible Uptrend Broken
Updated
BTC has been in uptrend for over 2 month.
It's retested the long term resistance (around 10K).
Now it looks like the resistance holds.
With moving averages (12/26EMA) bending downward, bull needs to take extra cautious here.
Last week we had ancient miner moved 50 BTC which caused market to go down.
To me, this price action indicates sentiment has turned from bullish to bearish.
Supports to watch:
- 8.8K
- 8.0K
- 7.5K
- 6.6K
Resistances to watch:
- 9.5K
- 10K
For downside target, I really don't feel like we'd see 4K BTC in 2020 again, but the weekly chart suggests a retest 4K is still possible:
Let's see how this goes.
It's retested the long term resistance (around 10K).
Now it looks like the resistance holds.
With moving averages (12/26EMA) bending downward, bull needs to take extra cautious here.
Last week we had ancient miner moved 50 BTC which caused market to go down.
To me, this price action indicates sentiment has turned from bullish to bearish.
Supports to watch:
- 8.8K
- 8.0K
- 7.5K
- 6.6K
Resistances to watch:
- 9.5K
- 10K
For downside target, I really don't feel like we'd see 4K BTC in 2020 again, but the weekly chart suggests a retest 4K is still possible:
Let's see how this goes.
Note
I called short on 8.8K, and it's 9.5K now, but I haven't close this trade yet for 2 reasons:1. BTC still haven't been able to close above the weekly downtrend resistance (around 10.5 K).
2. BTC has rose almost 170% since 3/12 crash, it's NOT a good time and place to long here.
So until bull can prove it (to close above 10.5 K), I am watching for short trade opportunity.
Notice BTC spent most of it's time above mid-way, which is around 6.4 K. But good buying opportunity happened below it, and the price stay below it not for long. Now I doubt if BTC could drop below 6.4 K again in the near future (March has proven there is strong buying pressure under 6.4 K). So be prepared for any reasonable pull back, and seize the opportunity.
Order cancelled
Hash ribbons shows bullish signal:It's NOT a good time to short BTC, close trade and looking for bullish trade.
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.