BTC has been doing lower highs for half of 2019 already. Looking at the possibility of a giant descending triangle on a daily close under 7250-7400 area, also confluent with the EMA 610. Idea invalid if it recovers above the daily MA 200, currently at 9365, and it would still need to prove a higher high at 9500.
Not discarding bounces in the mean time, as there are a couple of MA's and support areas between 7250 and 8000. Current bounce came from the daily EMA 377 weekly MA 50, however the weekly has also confirmed a trend of lower highs.
Looking at 5000-6000 if 7250 breaks.
Not discarding bounces in the mean time, as there are a couple of MA's and support areas between 7250 and 8000. Current bounce came from the daily EMA 377 weekly MA 50, however the weekly has also confirmed a trend of lower highs.
Looking at 5000-6000 if 7250 breaks.
Comment:
Still expecting a bounce, it all comes down to the daily close. If it closes below 7250, I will most probably run with my uncovered short. If there's a close above 7250, I will remain covered or look for a buying opportunity. Wick below 7250 on a daily TF can be a buy.
Comment:
Tight daily close, right at the EMA 610 and 7250 support
Comment:
Also, confirmed EMA death cross on Daily.
Could see BTC pumping into that area and then retrace.
Could see BTC pumping into that area and then retrace.
www.tradingview.com/x/3xeUQgNr/
I was asleep during that time, but was almost fully covered when that happened. Bought a bit more of my short back in the 7500 area. Will look for a long in that area if it takes another stab. Still looking for a bounce, but 8000 should now be resistance. Stop if 7250 breaks.