Rejection. Today determines if we're headed back to the 9000's.
\I was bullish until today. Here is what happened which made me swap bias.
1) The last three days we have put in lower highs (12320, 12147, 12020). That is bearish.
2) We rejected the daily trendline which was set from the all time highs this year on June 25. This is a mega-trendline (thick black on my chart).
3) We rejected, re-tested, and then re-rejected the trendline that it has been following since the bottom on July 28th all the way up to present levels.
All these point to a bearish direction. Now, I said today is the determination, what do I mean by that? There is a very important historical level that we are currently touching. It is around $11510. A rejection of that would be very bearish and then finally, if we close below $11366 today we will have a bearish engulfing candle on the daily which signals more downside.
We're not in the middle of the price action, we're at the top of the trendline. So a rejection and failure to break into new highs means we'll likely go to the bottom of the trend (9000's) to see if there's support.
HEDGE: There is potentially a "W" pattern forming as I type this (15min chart) on that $11.5k level. If that follow through and we spring above the the two black lines on my chart all my predictions will be falsified as we'll then be giving it another attempt at highs.
I sold my entire position in BTC today.
1) The last three days we have put in lower highs (12320, 12147, 12020). That is bearish.
2) We rejected the daily trendline which was set from the all time highs this year on June 25. This is a mega-trendline (thick black on my chart).
3) We rejected, re-tested, and then re-rejected the trendline that it has been following since the bottom on July 28th all the way up to present levels.
All these point to a bearish direction. Now, I said today is the determination, what do I mean by that? There is a very important historical level that we are currently touching. It is around $11510. A rejection of that would be very bearish and then finally, if we close below $11366 today we will have a bearish engulfing candle on the daily which signals more downside.
We're not in the middle of the price action, we're at the top of the trendline. So a rejection and failure to break into new highs means we'll likely go to the bottom of the trend (9000's) to see if there's support.
HEDGE: There is potentially a "W" pattern forming as I type this (15min chart) on that $11.5k level. If that follow through and we spring above the the two black lines on my chart all my predictions will be falsified as we'll then be giving it another attempt at highs.
I sold my entire position in BTC today.