BitcoinShort
Switching from Bullish to Bearish Bias $BTC $BTCUSD
Weekly:
Bearish Outlook given:
-18 EMA Above 9 EMA
-Retesting the 5800-6200 level for the 3rd time. Levels become weaker the more they are tested during a short period of time as there are less buyers/sellers each time
Daily:
-18 EMA crossing 9 EMA to the upside shows a change to a bearish bias on 5 August
-Given higher time frame bias I'd only look for sells. However, it's never a good idea to sell into a price drop -> sell into rallies instead
-Bearish Orderblock 6878-7059 and 7910-8257 -> these will be areas of interest to look for shorts
-4 Hour Bearish Orderblocks also in Orange
Hourly:
-Pulling Fib from 7144 high to 6100 low gives an entry around 6747-6924
Areas of Confluence for a short:
1. 6800-7000 Daily Level being retested after a 2 touch SR Flip (3 touch would have been ideal but still a decent set up)
2. 6878-7059 - Daily Bearish Orderblock
3. 6747-6924 - OTE for the Fib
Depending on how price action unfolds when we get our relief rally, I will be scaling into shorts starting from 68xx. I'm not ruling out a rally to 7150 to hunt the stops before continuing down.
Let's see how we go!
Bearish Outlook given:
-18 EMA Above 9 EMA
-Retesting the 5800-6200 level for the 3rd time. Levels become weaker the more they are tested during a short period of time as there are less buyers/sellers each time
Daily:
-18 EMA crossing 9 EMA to the upside shows a change to a bearish bias on 5 August
-Given higher time frame bias I'd only look for sells. However, it's never a good idea to sell into a price drop -> sell into rallies instead
-Bearish Orderblock 6878-7059 and 7910-8257 -> these will be areas of interest to look for shorts
-4 Hour Bearish Orderblocks also in Orange
Hourly:
-Pulling Fib from 7144 high to 6100 low gives an entry around 6747-6924
Areas of Confluence for a short:
1. 6800-7000 Daily Level being retested after a 2 touch SR Flip (3 touch would have been ideal but still a decent set up)
2. 6878-7059 - Daily Bearish Orderblock
3. 6747-6924 - OTE for the Fib
Depending on how price action unfolds when we get our relief rally, I will be scaling into shorts starting from 68xx. I'm not ruling out a rally to 7150 to hunt the stops before continuing down.
Let's see how we go!
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