My bearish trade for bitcoin 23 AUG
The price of bitcoin as of 23 Aug is trading around 25980.
The price broke the trend line after divergence happened at the strong support become resistance in weekly chart.
Recently, there was a big bearish engulfing indicate bearish impulse with volume. People might understand that this is demand zone, and price are forming ranging structure. However, I believe that the market is currently trading with bearish momentum because of EMA Crossover.
Look onto h1 timeframe, the price is forming bearish triangle for trend continuation.
The price broke the trend line after divergence happened at the strong support become resistance in weekly chart.
Recently, there was a big bearish engulfing indicate bearish impulse with volume. People might understand that this is demand zone, and price are forming ranging structure. However, I believe that the market is currently trading with bearish momentum because of EMA Crossover.
Look onto h1 timeframe, the price is forming bearish triangle for trend continuation.
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.