BitcoinShort
Short term 4hr thoughts for BTC
Updated
Just some TA on the 4hr chart on BTC. I think we will possibly see another bounce from the bottom of this symmetrical triangle with one more push to the top before we break down to 6k and lower. I doubt it will go much lower than 5k for fundamental reasons and I will start buying in the $5200 area and lower. The main reason I'm overall short to 5k is because of lower closing lows and they are within margin of error to call a double bottom. Double bottoms don't usually hold in bitcoin. The other reasons include lower closing lows on the daily chart, my TD indicator count is still bearish on a weekly scale and the death cross on the daily 50/200 moving average do not give me confidence in a bounce above 6k. This just does not look like how bitcoin usually bottoms and I have to call for one more huge daily reversal candle lower than 6k with a huge wick. Finally, bottoms don't usually give people all the time in the world to buy Bitcoin within 10% of the swing low. back in the 5k to 3k dip last year before the huge bull run, it went from 2950 back to 3500 and beyond very quick and did not look back until way above 10% of the swing low.. This is what i want to see again in Bitcoin and this is how I think it will make a new bottom.
Note
Hit a TD 9 on the 4hour touching the top side of this symmetrical triangle. I see at least a 1-4 candle (4-16 hrs) correction to the downside. I still think we will find a new bottom as Bitcoin doesn't usually give you this much time and this many occasions to buy within 10% of that swing low of 6k we had. I feel like we have spent too much time dancing around 6500-6600.
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