The critical level of 11.1k was sadly broken with good volume.
The volume on the dump is pretty decent - So i am expecting continuation.
Until price closes a daily above 11.1k again - I remain bearish. I am hoping the market gives us opportunity to short this based on confirmation - I am looking for shorts near the 10.5k and 11.1k areas based on lower time frame divergences.
This is a massive trend changing candle close - I was hoping to NOT see a candle like this - But we only trade what the market gives us.
The RSI has also broken the 50 line indicating a possible change in the longer term trend. The time has come to start looking for shorts.
The volume on the dump is pretty decent - So i am expecting continuation.
Until price closes a daily above 11.1k again - I remain bearish. I am hoping the market gives us opportunity to short this based on confirmation - I am looking for shorts near the 10.5k and 11.1k areas based on lower time frame divergences.
This is a massive trend changing candle close - I was hoping to NOT see a candle like this - But we only trade what the market gives us.
The RSI has also broken the 50 line indicating a possible change in the longer term trend. The time has come to start looking for shorts.
Note
So we had the test of the 11,1k area just as i predicted.Now the question is whether we'd go back up and test the level again in the future? I doubt it - If it retests 11.1k again my theory is that the level might break leading to 11.8k.
since i am bearish i don't want to see a re-test of 11.1k.
Note
i am only bearish on the daily time frames.Weekly is still sorta looking ok.
The area i am looking at is 8.5k. This is where the future path of BTC will be revealed. and 8.5k area is ideally where we can expect a reversal.
Note
The other area to be aware of is 9.2k Won't be a bad idea to take some profits here. Everyone is calling for 8.5k so we have to wait and watch whether it hits 8.5kNote
So yeah - That candle was a shocker from 9.3k -> 10.3k luckily i took off some profits at 9.3k. Im not bullish yet - But my alarms are on - If price goes above 11.1k it'd then be time to change opinion.Note
So area to watch is 10.9k on the 4h , a close above this on the 4h would mean the time for being bearish is over.
Note
I am not in a position RN. But i will take a position in the direction the trend might be shifting.Note
So far despite a close above 10.9k i am not yet seeing the kind of volume or price action thats gonna take out that big 11.1k level - yet. Neutral for now till the daily close.Note
Daily close below 11k Still bearish,.Trade closed: target reached
Yea well current price looks like it wants to go back up again. Time to go long.
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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.