Sorry to rain on your parade, but BTC still looks bearish
Don't hate me, don't take it personally, we all want to make money. Read charts, make money. That's my motto. Crypto has been an emotional ride on the way up, and just as emotional on the way down. I've been sitting in a lot of cash and Fiat during most of this down turn, and as much as I want to say the bottom is in, I won't believe until the chart confirms it.
Here we go:
1. Trend lines are not showing us any wedge, just a straight negative channel. This mean's we're in this channel until we break out of it.
2. The EMA I drew is a 200 Day on the 4hr chart, which corresponds to 50 day EMA on the daily chart. This EMA has been running down with the upper resistance line, and will help act as strong resistance until we break above it.
3. 4hr Ichimoku cloud has been our best friend (if you're playing it short).
4. Take a look at the last time everyone tried to call a bottom? See the volume pattern? The lower volume on the recovery is a BAD sign. We want to see volume pick up, not decrease to confirm a move.
5. RSI has not shown any overbought conditions in a while. Every time we get close, the selling pressure resumes.
Unless we see a break above the trend line, EMA, and cloud with volume, I'm calling for lower BTC. If you played the bounce long here, I would scale out of some of your green positions (XRP, NEO, BTC) and wait for confirmation.
Check out my other trades too. If my charts are helpful, and they result in profit for you, please like and follow my profile to catch all my trades.
Feel free to ask any questions about this technical analysis.
Happy Trading!
Here we go:
1. Trend lines are not showing us any wedge, just a straight negative channel. This mean's we're in this channel until we break out of it.
2. The EMA I drew is a 200 Day on the 4hr chart, which corresponds to 50 day EMA on the daily chart. This EMA has been running down with the upper resistance line, and will help act as strong resistance until we break above it.
3. 4hr Ichimoku cloud has been our best friend (if you're playing it short).
4. Take a look at the last time everyone tried to call a bottom? See the volume pattern? The lower volume on the recovery is a BAD sign. We want to see volume pick up, not decrease to confirm a move.
5. RSI has not shown any overbought conditions in a while. Every time we get close, the selling pressure resumes.
Unless we see a break above the trend line, EMA, and cloud with volume, I'm calling for lower BTC. If you played the bounce long here, I would scale out of some of your green positions (XRP, NEO, BTC) and wait for confirmation.
Check out my other trades too. If my charts are helpful, and they result in profit for you, please like and follow my profile to catch all my trades.
Feel free to ask any questions about this technical analysis.
Happy Trading!
Kommentar:
Btc so weak we couldn't even break our first resistance which was the clpud. We entered and then got shot down. Now 15 min btc chart shows a head and shoulders reversal pattern which will take us down to 7800.
Kommentar:
Taking a shot into some heavy resistance now. What's the key here? VOLUME. We're through the one hour cloud. I expect a target of 9.5k, and probably FOMO will take us to 10k. After that we'll pull back before our next move.