Current view on Bitcoin 4h analysis
Updated
The wedge equilibrium is still forming and the decision moment should happen in a few days.
Indicators are leaning bullish on the lower timeframes and we are breaking small local trends and holding the local uptrend.
Bitfinex shorts are closing and longs are opening in the 3800 range as expected. Still the volume is dead and we haven't seen clear bullish volume.
As i'm bear biased I will assume the purple trendline won't break and we will see a fake-out of the triangle.
I will play a short around 3910 with stop at 4000. even if it won't play out, the risk/reward is great, so I would happily take it.
Best scenario would be to break the local uptrend with force and take out 3630 with a wick and then droop down slowly.
Targets would be 3200 and 2850.
Next short is around the 4100 area.
If we break 4140-ish I would reconsider my bearish view on Bitcoin but for now nothing has proven yet.
Indicators are leaning bullish on the lower timeframes and we are breaking small local trends and holding the local uptrend.
Bitfinex shorts are closing and longs are opening in the 3800 range as expected. Still the volume is dead and we haven't seen clear bullish volume.
As i'm bear biased I will assume the purple trendline won't break and we will see a fake-out of the triangle.
I will play a short around 3910 with stop at 4000. even if it won't play out, the risk/reward is great, so I would happily take it.
Best scenario would be to break the local uptrend with force and take out 3630 with a wick and then droop down slowly.
Targets would be 3200 and 2850.
Next short is around the 4100 area.
If we break 4140-ish I would reconsider my bearish view on Bitcoin but for now nothing has proven yet.
Trade active
entered short with stoploss, lets see what happens
Note
My short is looking better. Still looking scary, because it will either dump hard or do one more pump.
Put my stop close to break even so I will either ride it out or get stopped out.
Lets see what will happen
Note
Wicked me out but re-entered when I saw rejection of 4140.
Was expecting smaller bounces before breaking 3630, but it was brutal, targeting lower for the coming days/week, like I said probably slowly dump to 3200.
Will post a new update soon.
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