When Bitcoin broke below the yellow descending triangle, fear came back to the market. A lot of traders are still trying to short Bitcoin right now. Not smart. You guys missed that trade. Bitcoin is currently in both a falling wedge and an ascending triangle. I expect a retest of 9400 which also coincides with the .382 Fibonacci from the 2018 high to 2018 low. I think it is more likely Bitcoin sees 9k before making a move below 7k.
Comment:
Bullish divergence on 4 hour RSI. A reset of the stochastic RSI could pave the way for a big rally. Drop before the pop.
Trade closed manually:
The US stock market is taking a nosedive this week. This is very bad for Bitcoin. We could see a much bigger drop now. The risk to reward for this trade may not be worth it. Take a look at the chart back in Oct/Nov 2018. The stock market crashed first, Bitcoin followed and dropped below 6k.