CryptoTrendy

CryptoTrendy

We have a slight bear div on the 2HR. Bear div is more visible on the 1HR but it would compare 2 tops 19 candles apart which would not be correct since RSI takes the last 14 candles closes. We also made a double top with big wicks and a bearish Swing Failure Pattern on every time frame so that adds confluence for $6,850 to be our local top. We might run stops...

CryptoTrendy

The pump we saw today in the morning squeeze a lot of late shorters. We actually hit the 1HR Order Block where we hit resistance. We also hit the top of the bear flag forming on a higher TF and we had a nice swing failure pattern on the 4HR. Overall picture remains bearish, even after that pump on decent volume

CryptoTrendy

We were forming a bear pennant (yellow lines) which actually broke to the downside yesterday. Obviously, you could always redraw your support (purple line) but this is when the use of trendlines becomes dangerous. I wrote an article about the misuse of trendlines and we have the perfect example right here. We already broke support but since price didn't bleed...

CryptoTrendy

Bitcoin is currently consolidating forming a bear pennant which is a continuation pattern. This doesn't mean we will for sure break to the downside, but let's just say it's more probable. If it breaks to the downside, theoretical target would be around $6,000 which corresponds to a critical support level we hit on 6-2-18. But bulls have shown som strength by...

CryptoTrendy

If price retraces, I'm looking at those daily and 4HR levels and OBs to add to my short positions. I'd be very surprised if we go higher and would have to re-assess my trade if we come back to 7.4k considering everybody is bearish now. If that's the case, I would consider this dump as a bear trap

CryptoTrendy Updated 

Bulls have been hoping this triangle would act again as a support before breaking to the upside. Unfortunately for them, we broke below it on big TFs with nice volume. Volatility and volume were at its lowest levels, so today's sharp move should indicate the direction for the next few weeks. Of course, as usual market makers will punish panic sellers (late short...

CryptoTrendy

Bitcoin's surge seems impulsive for the moment. Don't get too confident (for bulls) or scared (for bears). This is a normal bounce since we bleeded from 12k to 7.2k without retracement. We have many resistances to break before being bullish again. Remember as well (see chart) that these longs will have to close (and thus sell). If BTC 4.30% 4.33% lacks of new...

CryptoTrendy

Bitcoin's surge seems impulsive for the moment. Don't get too confident (for bulls) or scared (for bears). This is a normal bounce since we bleeded from 12k to 7.2k without retracement. We have many resistances to break before being bullish again. Remember as well (see chart) that these longs will have to close (and thus sell). If BTC 4.33% lacks of new buyers,...

CryptoTrendy

Market makers pushed price up from $7.2k (see target in my previous tweet). Sellers got exhausted, shorts had to close, which allowed #Bitcoin's price to bounce. Obviously, #G20 news on no-regulation was the catalyst for that, but as always TA could have been played alone. We found our first resistance around 8.5k but bulls are driving price up since it still...