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Exhausted Bulls! Quick Simple AnalysisHi my friends! Facts: Head and shoulders did not play out. At the neckline bulls did not have the power to break even higher. Shooting star candle followed buy a large red candle means a strong reversal sign. We broke out from ascending wedge = bearish. We are about to break 1 month bullish trendline (blue line). If we close below this daily that is a strong reversal sign also. Daily MACD crossed = bearish. RSI is bending down = bearish. Increasing volume. Target support 9.2-9.3k. Thanks for reading. ***It is not a financial advice. I do not tell anyone to buy or sell bitcoin.*** Leave a comment if you have any question and leave a like if you found it helpful!
BITFINEX:BTCUSDShort
by KryptonuQ
BTCUSD Gravestone doji...Gravestone of bulls? Back to 6.5K!Hi guys! Let me share my idea with you, I hope you find it helpful! As you can see yesterday (february 20) we tested the mid-term bearish trendline as a resistence and it looks like we are bouncing back from here. We did not close above the trendline which is a great sign for the bears. We also created a gravestone doji or a shooting star (the daily candle is between these two). It never mind now if we call it a gravestone or a shooting star since both of them are trend reversal signs. The red candle today is also a good confirmation of the reversal. I would still be cautious with shorting, we have to close daily below our gravestone doji/shooting star. If it happens then it is very likely to keep going lower and my target level is around 6.5k at the long-term bullish trendline. The hidden bearish divergence is still valid which means that we are continuing the mid-term bearish trendline. The other good sign is that we also failed to close over the 0.618 fibonacci. And the last bearish sign is that we also created a double top where the second one is a little bit lower and that means a trend reversal is very likely to happen. I posted yesterday a longer publishment that I would recommend you to read!:) Please leave a comment if you found it helpful or you have any question! ***It is not a financial advice. I don't tell anyone to buy or sell bitcoins, it is only my personal opinion***
BITFINEX:BTCUSDShort
by KryptonuQ
BTCUSD You See What I See? Hidden Bearish Divergence MACDIf you have look at the daily chart you can see a clear hidden bearish divergence which is a trend continuation sign (confirming that we are still going down). It also forming on the simple RSI too. On the MACD the lines arent crossed yet. We might move up to 9.5k and possible create a double top there then move down. Yes we broke the bearish trendline, but it is not as significant as the fact that we also broke the longterm bullish trendline. Target is still 5k as the fibonacci shows. Let the bulls to take their last breath and let's move down! ***It is NOT a financial advice. It is only my personal opinion*** Please leave a comment below and like it if you think it was helpful!
BITFINEX:BTCUSDShort
by KryptonuQ
7
BTCUSD is heading for the 5.5 - 5K level.Hi guys! let me share my idea about BTC. It's my personal opinion, I'm not telling anyone to buy or sell bitcoin. As you can see on the mid-term we are going bearish. The price failed to break the 0.786 fibonacci level which is around 9k and bounced back. What makes it more important is that, at the 9k level we didn't just bounce back from the fibonacci level but also from the mid-term trendline. We can also see a possible elliot wave where the 5th wave is about to play out. I except the bottom of the 5th wave to be around 5.5k or even lower at 5k. Why 5.5k? This level is a key support from the middle of november, where the price went up to 8k and then fell back to 5.5k. Why 5k? Going even lower is also realistic since the 5k level is a strong psychological level. The price also broke the bullish trendline which was a key support level then testeted from below and it behaved as a new resistance level. As you can see the STOCH RSI is about to bend and cross eachother which would also confirm my idea. On the RSI we are not oversold yet. When we hit the 6k level we went a little oversold, but not significantly. If we hit the 5.5 - 5k level it will surely be oversold and I assume a huge buying power at that level. ***Please leave a comment below to help me improve in the future***
BITFINEX:BTCUSDShort
by KryptonuQ