XBT/USD (4h + 15min) - 4H E.Q BEAR BREAK
4h Inside candles formed a tight equilibrium pattern that has now broken bearish... My short position triggered on the break.
Price was rejected from the 4H 12EMA showing weakness in the bull's as the bears took control over the momentum.
Bitcoins weekly wedge acting as support has now been violated giving the bulls very little time to wick price back up into the safety area... a catalyst or whale manipulation would be the only possible way for this to happen in my eyes.
The smaller time frame has given RSI/Price bullish divergence giving a blimp of a bounce, I have not entered a long here as a bear flag could easily be formed with another leg down to the last bit of support for this rally 7210. If bull's fail to bounce in this area this rally is over.
Another bounce will be formed at the previous IH&S neckline but the confidence and momentum built by the bears has another weekly Lower-low as the most informative outcome at this current moment. My capital will be protected by not playing Long positions on BTC or BTC paired coins.
Looking at current price...
Candles are giving us wicks to the top meaning the bears are bashing down on the price and sending the RSI's into deeper oversold positions... I would expect another Bear flag or EQ pattern to form shortly to continue the staircase down.
Volume... Volume is still favouring the bears another reason long positions are risky... No sign of V-shape recovery giving safe positions to add in-profit stops.
15min Stoch RSI has closed again showing more sideways action is likely.
MACD's bearish.
CMF's favouring sell pressure.
--
Bitcoin is currently being controlled by the bears, If you are a bull be careful out there.
Price was rejected from the 4H 12EMA showing weakness in the bull's as the bears took control over the momentum.
Bitcoins weekly wedge acting as support has now been violated giving the bulls very little time to wick price back up into the safety area... a catalyst or whale manipulation would be the only possible way for this to happen in my eyes.
The smaller time frame has given RSI/Price bullish divergence giving a blimp of a bounce, I have not entered a long here as a bear flag could easily be formed with another leg down to the last bit of support for this rally 7210. If bull's fail to bounce in this area this rally is over.
Another bounce will be formed at the previous IH&S neckline but the confidence and momentum built by the bears has another weekly Lower-low as the most informative outcome at this current moment. My capital will be protected by not playing Long positions on BTC or BTC paired coins.
Looking at current price...
Candles are giving us wicks to the top meaning the bears are bashing down on the price and sending the RSI's into deeper oversold positions... I would expect another Bear flag or EQ pattern to form shortly to continue the staircase down.
Volume... Volume is still favouring the bears another reason long positions are risky... No sign of V-shape recovery giving safe positions to add in-profit stops.
15min Stoch RSI has closed again showing more sideways action is likely.
MACD's bearish.
CMF's favouring sell pressure.
--
Bitcoin is currently being controlled by the bears, If you are a bull be careful out there.
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