A funny thing happened while I was having a cuppa... I had prepared my chart and was getting ready to post this analysis, when I thought to myself, "Blockhead, you've been in front of this screen all day... its' time to take a break, take a walk and have a cuppa". So off I went. Came back, was drinking my tea and updating my trading journal for the day when my computer started beeping like crazy with alerts.
So I guess what I'm saying is that this particular post is a wee bit late!
Oh, well.
I was going to write about how CBE futures expire tomorrow and that often a turning point for price (a bearish on at that).
I was going to write how we were approaching this years downwards trendline (blue) which was bound to cause some rejection.
I was going to write about this "rally" looks more like a corrective move than the impulsive bear move from 8200 to 6000.
But I guess that none of that really matters now!
So what we've just witnessed is bitcoin falling off a cliff. 5% off bitcoin in the past 15 minutes. Price seems to be holding at the lower channel on the 4h chart for now and price will probably make a retest higher from here.
Sorry about the messy 4hr chart. I didn't have time to clean it up.
This is overwhelmingly bearish and is likely to drive price down now back towards 6000 and possibly lower.
My advice is to get your bags ready - We could be about to go shopping at the crypto January sales!
Right, I'm going back to my cuppa!
So I guess what I'm saying is that this particular post is a wee bit late!
Oh, well.
I was going to write about how CBE futures expire tomorrow and that often a turning point for price (a bearish on at that).
I was going to write how we were approaching this years downwards trendline (blue) which was bound to cause some rejection.
I was going to write about this "rally" looks more like a corrective move than the impulsive bear move from 8200 to 6000.
But I guess that none of that really matters now!
So what we've just witnessed is bitcoin falling off a cliff. 5% off bitcoin in the past 15 minutes. Price seems to be holding at the lower channel on the 4h chart for now and price will probably make a retest higher from here.
Sorry about the messy 4hr chart. I didn't have time to clean it up.
This is overwhelmingly bearish and is likely to drive price down now back towards 6000 and possibly lower.
My advice is to get your bags ready - We could be about to go shopping at the crypto January sales!
Right, I'm going back to my cuppa!
Comment:
This is the previous swing high/touch of the trendline on the 26 July. Price also dropped around 5% on that candle. Notice how price recovers to retest the high before gradually dropping lower.
