Hey traders,
Early this morning, we saw BTC finally break below an extremely strong buy imbalance/demand zone, and then break below the cloud on both the 2h and 4h charts. I hesitated to declare that we are bearish because we had not broken lows. However, now we just had a perfect retest and rejected the cloud with weak buy volume (SR flip). We still haven't broken lows at 34800 and if we do, this could be the start of a bearish trend.
Early this morning, we saw BTC finally break below an extremely strong buy imbalance/demand zone, and then break below the cloud on both the 2h and 4h charts. I hesitated to declare that we are bearish because we had not broken lows. However, now we just had a perfect retest and rejected the cloud with weak buy volume (SR flip). We still haven't broken lows at 34800 and if we do, this could be the start of a bearish trend.
Note
UPDATE: BTC is doing pretty much exactly what I predicted, and we seem to be retesting the previous support which is now resistance at 34860. Please like and follow!
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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.