Bitcoin (BTC): The Bear Play
Zaktualizowano
Previously, I examined a Head&Shoulders bottom pattern that was intended to carry prices up to the 9000 area. However, when the price entered the buy zone (~8380), doubts kicked in. It became obvious that bearish triangular patterns are forming in the leading altcoins, namely Ethereum and Ripple. So the trade was put on hold. Not much has happened since then.
Presently I would like to introduce you to the 'Bearish Play' scenario. It is based on a few simple factors:
1. Short-term trend is bearish.
2. The price put in a fresh lower high.
3. People are absolutely fixed on the Triangle wave pattern on the daily chart. It implies lower prices.
The tipping point for me is this H&S pattern. It becomes invalidated below 8173, and its failure would shift the balance of power in favor of the sellers. So this is my short trigger.
It should also be noted that the volatility has reached an extremely low reading. It is even lower than on April 12 when the price surged some 18% within a few hours. We should now be prepared for similar price action.
Presently I would like to introduce you to the 'Bearish Play' scenario. It is based on a few simple factors:
1. Short-term trend is bearish.
2. The price put in a fresh lower high.
3. People are absolutely fixed on the Triangle wave pattern on the daily chart. It implies lower prices.
The tipping point for me is this H&S pattern. It becomes invalidated below 8173, and its failure would shift the balance of power in favor of the sellers. So this is my short trigger.
It should also be noted that the volatility has reached an extremely low reading. It is even lower than on April 12 when the price surged some 18% within a few hours. We should now be prepared for similar price action.
Uwaga
Updated ETH chart: Uwaga
IOTA is on the brink of collapse with a massive H&S top: Uwaga
To my mind, the drop below 8200 is enough to trigger the short setup. So look to sell short BTC on a pullback. These are two resistance level for this purpose:Uwaga
The market is very vulnerable. Consider alternative sell orders on the break of 8170. Uwaga
Wait for hourly close below 8170 to enter. Uwaga
Interim support @7780 Uwaga
Сервис: NixService.net
Telegram: t.me/NixTrading
Бот: t.me/NixJunior_bot
Telegram: t.me/NixTrading
Бот: t.me/NixJunior_bot
Powiązane publikacje
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.