Bitcoin Bear Festival (BBF) Update
Updated
Welcome to the update for the Bitcoin Bear Festival. I am still bearish. We started the week with a nice bounce which didn't last and big red Ichimoku cloud was upon us as a resistance on the 4H chart. So we had a wild drop on price. What I see on the chart:
4H chart analysis:
Only a massive buy volume could rescue us from this situation. Otherwise, we are looking at around 5.3k-6k as our first stop and then lower, if we don't bounce strong enough to get out of the descending channel.
Trade safe.
**This is not a financial advice
4H chart analysis:
- Bear flag detected (Black inverted flag on the chart)
- Tenkan-sen and Kijun-sen bearish crossover (red circles) on the chart
- Big cloud resistance
- Bearish crossover on the stochastics (blue circle)
- Not enough volume (orange circle)
Only a massive buy volume could rescue us from this situation. Otherwise, we are looking at around 5.3k-6k as our first stop and then lower, if we don't bounce strong enough to get out of the descending channel.
Trade safe.
**This is not a financial advice
Note
Nothing has changed. Forming another bear flag as expected and not enough volume. So i'm still very bearish. Note
Currently, the stochastic is 18 on the daily chart. As soon as it falls below 15, we might see big buyers coming in and we can have a bounce, how strong the bounce would be, depends on the whales. If we don't have a strong bounce we follow the path I mentioned initially. Note
In my previous update i mentioned about the daily stochastic dropping very low and have a bullish crossover which has happened. However on the 4H chart you can see that it facing the resistance from the cloud (red circle) and loosing momentum (orange circle). Volume is not decreasing. I am expecting it to follow the path I posted initially. 
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