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BTC update - Sep 07 2024Unfortunately, despite having a bullish divergence in 4H timeframe and reaching the support zone of 54,600 - 56,100, #BTC didn't show the small pump that was expected! there's probably an underlying reason for this that we don't know yet but maybe something is going to take place in the coming days! Anyways, since the bullish divergence didn't work and BTC crossed below the lower trendline and the mentioned support zone in one big candle, it can be said that the sell pressure is indeed strong. The main scenario is that any upward move towards the mentioned area which is now a resistance is considered a retest and Sell/Short strategy should be applied. Secondary scenario is crossing above the resistance zone which isn't very likely at the moment. As it's been stated over and over for the past few weeks, the overall trend/sentiment is indeed bearish and BTC is most probably heading for 45,000 and then 42,000 zones!
by AlgoBotTrading
TOTAL 3 Update - Aug 15 2024in the previous analysis it was stated that 565B is an important level and losing this level can lead to touching much lower levels, something that actually took place and #TOTAL3 touched 470B as well ! The recent choppy upward move in #BTC and the rest of the market was most probably a retest of the broken key levels and we can see that just like BTC's case, TOTAL3 has failed to push above the supply zone. Since BTC is probably heading for 50,000 low again, TOTAL3 will also dump. 4H close below 546B level shall be a further confirmation for the downward move.
CRYPTOCAP:TOTAL3Short
by AlgoBotTrading
BTC Update - Aug 9 2024just as expected, #BTC moved to fill the gap area but the upward move was a bit sharp so shorting BTC or other coins can be a bit risky now. if fact as long as the Blue trendline isn't broken, the upward move can continue. As mentioned earlier the gap area is now a resistance zone. Also there's a supply zone just above the gap area and is overlapping with the Gap. Thus, BTC is facing a heavy resistance at the moment. Some volume divergence can be seen but there's no price divergence yet. We'll have to continue observing the chart to see if BTC faces a strong rejection or not.
Short
by AlgoBotTrading
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