abdullatrader
Short

Bitcoin BEARISH move ahead !?

BITSTAMP:BTCUSD   Bitcoin / Dollar
Hello traders,

I hope you had a great weekend. As you can see Bitcoin             had a hard time making any new highs and struggled to maintain $7500. I can see high volume of selling is happening where the coin is broken its raising wedge .
This is still not all the signs we need to make sure its heading for a bearish move. However here are some points that tell me it will start its correction very soon.

1. Low volume while making new highs (no real buyers)
2. Don't ignore the high volume that happened few days ago (see chart) market makers could have distributed really well during that candle.
3. Breakout happened with high selling pressure


Bitcoin             still needs to give us more signs for us to say it will start a correction - but I would bet on a bearish move for the coin.

Target 1: $6700

Let see how this evolves in the next few days - Abdulla
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Still trading within the range.
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Watchout
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- Watchout for $6700
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Kommentar: Bearish mode still active - $6200
Kommentar: We broke $6600 and lost $1100 instantly - this what happens when strong supports are broken!
Kommentar: Idea update here:
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Target 5000?
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Well done
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Hi @AAlFadhala - Good call. Thanks. Can I please know how the 6700 target line decided?
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SailingParrot krishna88
@krishna88, I guess because it was already touched 2 times as a support
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although it eventually turned to green in your original chart, wasn't that huge volume spike originally from a quick panic sell-off? is this what you are implying, not to ignore such selling pressure?
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@Yrat, Sorry I don't really get your question.
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Chroniclez abdullatrader
@AAlFadhala, what levels are considered safer to re-enter now?
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Yrat abdullatrader
@AAlFadhala, no worries... let me reword and try again...

you point out the large volume and say that it should not be ignored. even though the large volume spike ended up green, it was mostly formed from a panic selloff that quickly rebounded.

was it this high amount of selling that you meant shouldn't be ignored? or did you mean not to ignore the quick buying that caused it to recover so fast?
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Yes, looks like getting into good setup. Selling between 7450-7500 with SL of 7650 would give a very good Reward ratio.
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abdullatrader ArchNemesis
@ArchNemesis, Congrats in the short.
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