Forming a perfect head and shoulders pattern. If we do not trade higher than 8500 in the coming 6 hours, we are very likely to be going down from here.
Kommentar
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I'm still short. Do not be surprised if this is a Bull trap. We have experienced Bull traps on almost all of the previous stops in this downtrend.
Kommentar
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The fall to 5000 USD has started. There was a bounce of the support formed by the 200 period weighted moving average and the downtrend line. Just a matter of time before this is also broken. Then next target is 7800 USD, which should also easily be broken, taking us further down.
Nice chart. I do think a pullback is possible, though bulls still have some strength. The curve you've drawn I think will dictate this movement. The bulls are weakening at the moment, since they're unable to take the price consistently higher with each high.
Volume profile on rounded tops are also inverted, so we could see more volume, and more bullish movement up to the top of the curve (or level with last high) and then I think a gradual change of hands to bears.
darkandblue
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as binance has been out of operation since 10 hours and will be out another 12 more, it is not reasonable to say the bulls are losing momentum. people simply cannot take part in the market.
BrettduPreez
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@retiringsoon1, I do agree with you regarding this, but we should remember that Binance also has bears in their market. In addition, Binance does not constitute a major part of total trading and a large proportion of Binance traders will have accounts at other platforms. But I do see your point.
darkandblue
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@BrettduPreez, i was thinking the same but binance handles 5% of the daily btc volume. Naturally binance has both bulls and bears, however, the shut down came at around when the price dropped from 8.2 to 7.6, so after the bears made their move.
anyways, i do not want to sound like a conspiracy theorist or so, just wanted to highlight that there is an unusual event. that's all.
I do agree with your bear flag pattern, i think it will hit close to 9.2K before falling back to 8k-7.6k range. if it manages to hold there and make a run up, then we will have a big inverted head and shoulders.
Good luck.
BrettduPreez
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@retiringsoon1, Definitely an interesting few days ahead! Lets see where it goes.
BrettduPreez
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The fall to 5000 USD has started. There was a bounce of the support formed by the 200 period weighted moving average and the downtrend line. Just a matter of time before this is also broken. Then next target is 7800 USD, which should also easily be broken, taking us further down.
UnknownUnicorn1587964
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nice, ok lol, how u made that bend line (the green one)
BrettduPreez
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@girius7777, yes the green bend line was not so much to show an exact pathway, but to give an idea of why Bitcoin was losing strength and how this will end up in falling. Lets see how this develops, but I remain bearish on Bitcoin.
UnknownUnicorn1587964
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@BrettduPreez, ok i know what it means, thank you for repeating, but i mean how you draw it? i cant find how to draw a bend line here on TradingView
BrettduPreez
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@girius7777, ah, okay i see, my apologies for misunderstanding your question. I used the curve tool ( click on the fourth tool icon below your trading view letter (G in your case), then the curve tool is third from bottom). Let me know if you do not find it so I can send you a picture.
Volume profile on rounded tops are also inverted, so we could see more volume, and more bullish movement up to the top of the curve (or level with last high) and then I think a gradual change of hands to bears.