Not looking good for this rally #BTC #Bitcoin #XBTUSD
Tracking the Linear Regression on the last 4 days, there was a very clear trend establish which slowly ground up into resistance. It seemed an ascending triangle was forming and the violent bounces off of the trend lines re-affirmed the bullish sentiment most were feeling. It provided a great environment for trading the channel and I was able to make some nice leverage trades back and forth. But you know what they say. Be greedy when others are fearful and fearful when others are greedy. Each of the previous test of the trend line was met with immediate buying power kinging in, driving the price higher.
As I am typing this, we are 2 minutes away from closing the current test hourly and 4 hourly candle and unless there is a rapid push higher to turn this into a reversal candle, like those before (highlighted in the green bounded elipses on the chart image), I am going to see this as a false breakout and a potential downside back to the 200 Day Moving average. I am short since $5250 XBTUSD, closed my short at $5150 and reopened again at $5170 when it started looking like the bounce isn't coming.
Now it may still come and I have safe-measure in place, but in the meant time I will stay short until I see a reason not to be.
As I am typing this, we are 2 minutes away from closing the current test hourly and 4 hourly candle and unless there is a rapid push higher to turn this into a reversal candle, like those before (highlighted in the green bounded elipses on the chart image), I am going to see this as a false breakout and a potential downside back to the 200 Day Moving average. I am short since $5250 XBTUSD, closed my short at $5150 and reopened again at $5170 when it started looking like the bounce isn't coming.
Now it may still come and I have safe-measure in place, but in the meant time I will stay short until I see a reason not to be.
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