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BTC 4HR Analysis - Bears Are Taking Control to 200EMA!Bitcoin has had three pushes up from its previous trading range ending with a failed break of the $37,500 resistance level three times, leading the price below the 30EMA. Per my Weekly Analysis, the $37,500 price area is Bitcoin's Weekly Bull Channel resistance. These data points mean a short is reasonable from the $37,000 price area with a stop just above the pin bar at $38,000. It's also reasonable to take some profits at the bull channel bottom (about 1:1 Risk/Reward) and the remainder just before the 200EMA around the $34,000 area. Key Points 1. Bitcoin is still in a Bull Channel 2. We have three pushes up ending with a strong bear pin bar 3. Three failed attempts to break and hold $37,500. 4. Gap from Current Price to 4HR 200EMA 5. RSI is just above 40.00 with Room to Fall You are solely responsible for your trades, trade at your own risk! Let us know what you think in the comment section below!
INDEX:BTCUSDShort
by TraderEngineering