BTC - Possible "Short" Opportunity!
Updated
I found an area which is technically pretty strong, there could be a possible BTC short opportunity!
It is not so easy to find those because of the sideways movement between $5,000-$5,500 but I have something For You!
The area ($5,335 - $5,400) consists of:
1. The Fibonacci Golde ratio of 62%
2. Strong Bitcoin price area, just below the $5,400, it should work as a resistance.
3. The short-term counter trendline should act also as a resistance. Individually it isn't so significant but if this matching exactly with the mentioned area around the $5,400 then it will be one of the criteria.
4. EMA Death Cross on the 1H
5. Market structure new lower lows and possibly new lower high
6*. IF this is possible then wait for a bearish candlestick formation on the 4H timeframe. 4H timeframe candlestick patterns are the most reliable!
So, there are technical indicators that this level may work as a strong Bitcoin price level for short term price reversal, and there are a little bit hidden indications that this level may hold!
Feel free to support my idea post by hitting the "LIKE" button, it is my only fee from You!
Have a nice weekend,
Cheers!
*This information is not a recommendation to buy or sell, it is used for educational purposes only!
It is not so easy to find those because of the sideways movement between $5,000-$5,500 but I have something For You!
The area ($5,335 - $5,400) consists of:
1. The Fibonacci Golde ratio of 62%
2. Strong Bitcoin price area, just below the $5,400, it should work as a resistance.
3. The short-term counter trendline should act also as a resistance. Individually it isn't so significant but if this matching exactly with the mentioned area around the $5,400 then it will be one of the criteria.
4. EMA Death Cross on the 1H
5. Market structure new lower lows and possibly new lower high
6*. IF this is possible then wait for a bearish candlestick formation on the 4H timeframe. 4H timeframe candlestick patterns are the most reliable!
So, there are technical indicators that this level may work as a strong Bitcoin price level for short term price reversal, and there are a little bit hidden indications that this level may hold!
Feel free to support my idea post by hitting the "LIKE" button, it is my only fee from You!
Have a nice weekend,
Cheers!
*This information is not a recommendation to buy or sell, it is used for educational purposes only!
Note
This setup becomes invalid when the black trendline gets cracked. Currently, the price sits on the Fibonacci retracement level at 38% which is also an area where it can make a move downwards. If the trend is strong and powerful then those 38% levels are usually pretty good but currently, we still trying to aim that red box:If you think this analysis is helpful for you then you can support my idea post by hitting the "LIKE" button and as I said this is my only fee from you! ;)
Note
New and a little bit deeper BTC analysis about the current situation on the market:
Feel free to support my idea!
All the best!
Disclaimer
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