Bitcoin is Creating Lower Highs but the Lows are Equal 🕵️
Updated
Bitcoin is rejecting Higher Prices and creating Lower Highs. BTC is simultaneously holding a flat support level at 26,600 4Hr level as we can observe here.
Price is squeezing downwards but the bottom is remaining flat at our 26,600 4Hr level. Soon this pressure may burst up or down and I'd bet on more downside.
This Price action/Multi-timeframe analysis details a bearish market.
Bearish Market Structure has Lower Lows and Lower Highs.
Bullish market Strucutre has Higher Highs and Higher Lows.
The Weekly timeframe is printing multiple bear candles. We are also creating back to back descending wicks on the Daily timeframe. This denotes a market that is in momentum.
Looking for lower prices here. Will Update.
Safe Trading.
Price is squeezing downwards but the bottom is remaining flat at our 26,600 4Hr level. Soon this pressure may burst up or down and I'd bet on more downside.
This Price action/Multi-timeframe analysis details a bearish market.
Bearish Market Structure has Lower Lows and Lower Highs.
Bullish market Strucutre has Higher Highs and Higher Lows.
The Weekly timeframe is printing multiple bear candles. We are also creating back to back descending wicks on the Daily timeframe. This denotes a market that is in momentum.
Looking for lower prices here. Will Update.
Safe Trading.
Note
Price is playing out how we have anticipated it to do so. It pulled back a bit harder than we expected but nonetheless has descended a greater distance in our direction. Price has nearly tapped into our 25,820$ price point. It has touched within 300 points to 26,070. I believe BTC has more to give as the weekly candle has now created an accompanying Lower Low on the weekly candle to go with the Lower High. We would like to see the daily candle today close with a solid bearish candle at or around the currently 4hr zone that we are testing, 26,365. As long as it closes below 26,749 Daily Level we look great for lower prices to come. A bear target may be our 24,309 weekly S/R Zone for this week and the next.Note
Price has moved down quite nicely. We are now consolidating towards the lows of structure in between our 4Hr Zones 1) 26,602 and
2) 26,365
The Daily Candle today closed Bullish, pulling back up.
As long as the daily candles continue to close below our 26,766 Daily Level
we will be content with Shorts to continue south -->>
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