- lots of similarities here, notice the low volume and reversal candle, RSI going flat
- price got rejected twice at the upper trendline and the 50 EMA
- MACD still looks bullish but that was the same last time when the bear flag broke down
- price got rejected twice at the upper trendline and the 50 EMA
- MACD still looks bullish but that was the same last time when the bear flag broke down
Comment:
- btc keeps getting rejected at the 200 EMA on the 4 hour with pathetic volume
- another extremely bearish sign: first death cross ever on bitfinex btcusd longs occured on august 22
- if this really plays out as a typical bear flag the target is 5k and we might only see a small bounce off the support zone in the 5800 area on the way down, so make sure to watch closely after going long there and be quick to take profit (or even lower the entry points to 4.9 - 5.2 k)
- another extremely bearish sign: first death cross ever on bitfinex btcusd longs occured on august 22
- if this really plays out as a typical bear flag the target is 5k and we might only see a small bounce off the support zone in the 5800 area on the way down, so make sure to watch closely after going long there and be quick to take profit (or even lower the entry points to 4.9 - 5.2 k)
Comment:
- market makers obviously decided to liquidate some more shorts and get people to fomo into btc and alts again. bounced off the resistance line of the flag, now correction to 6.8k area and then hopefully last wave up into the short zone
- a small rally or squeeze is always possible, so laddering in shorts between 100 and 200 EMA line @ 7.2 -7.6k might be a good idea (s/l 8,6k)
- same goes for buy orders between 5750 - 6150 in case of a breakdown below the flag support line (s/l 4,9k)