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Yesterday bitcoin has broke 9k level which was decision level between bull and bear market in 2019 year. Volumes in dayly candle for yesterdays drop were biggest dayly volumes in last 42 days. So price has broke the crucial 9k level with biggest volumes and that should change market sentiment to completely bearish for coming days.
Current stop at 8700 zone should be just a pause before another dump since market is clearly bearish now (at least locally on 4h timeframe). Price has stopped exactly at POC level of last few weeks, so pause is needed here. When this level breaks we can expect another dump to 8200-300 zone. Current consolidation structure is bearish, also ma50 and ma200 have crossed each other. Drop doesnt necessary should happen just right now, price can keep consolidating on current level for another 1/2 days before drops finally.
It looks like coronavirus situation has influenced bitcoin as well, so stock and crypto markets can keep dumping until coronavirus situation resolves (probably).
In my public channel (check signature) we have opened short.
By the way we didnt do any loss on long signals during last few days like other tradingview authors have did:) Our longs were closed in small profit, but profit is profit anyway:)
I will post new updates of this idea if anything important happens.
What are your thoughts on it? Lets discuss in comments!
Yesterday bitcoin has broke 9k level which was decision level between bull and bear market in 2019 year. Volumes in dayly candle for yesterdays drop were biggest dayly volumes in last 42 days. So price has broke the crucial 9k level with biggest volumes and that should change market sentiment to completely bearish for coming days.
Current stop at 8700 zone should be just a pause before another dump since market is clearly bearish now (at least locally on 4h timeframe). Price has stopped exactly at POC level of last few weeks, so pause is needed here. When this level breaks we can expect another dump to 8200-300 zone. Current consolidation structure is bearish, also ma50 and ma200 have crossed each other. Drop doesnt necessary should happen just right now, price can keep consolidating on current level for another 1/2 days before drops finally.
It looks like coronavirus situation has influenced bitcoin as well, so stock and crypto markets can keep dumping until coronavirus situation resolves (probably).
In my public channel (check signature) we have opened short.
By the way we didnt do any loss on long signals during last few days like other tradingview authors have did:) Our longs were closed in small profit, but profit is profit anyway:)
I will post new updates of this idea if anything important happens.
What are your thoughts on it? Lets discuss in comments!