🅱️ Bitcoin Explained In 3 Minutes (Short-Term)

Let's look at Bitcoin in under 3 minutes; this is a short-term chart (1h TF).

👉 Currently BTCUSD is trading within a bear-flag with a bearish and declining RSI, based on these signals we can expect lower prices.

Step by step price action simplified:

➖ #1 = Distribution
➖ #2 = Breakdown
➖ #3 = Bearish continuation (developing)

Thanks a lot for your support.

Remember to boost if you want to see frequent short-term updates on this trade idea.
Leave a comment with questions. I will answer.

Namaste.

Comment:

Alright... We have action right away and it is going contrary to our initial assessment:

The bear-flag has been invalidated and instead we are seeing bullish growth.
The volume is good, the current move is real.

After the breakout a pullback can surely happen, so we focus on the resistance on the way up (blue on the chart).

➖ If resistance breaks, we turn bullish.
➖ If resistance holds, we stay bearish.

Namaste.

Comment:

Here we can see the first resistance at play (the volume candles looking great!)

Comment:

Comment:

Two signals: (1) The low volume is indicative of a continuation. (2) Bearish trading volume bars are predominant.

So far the action continues to happen below local resistance (lower high).

Comment:

While we have some bullish action, notice the close on the last 1h candle.
It has a long upper wick and it closed red.

Short-term we have a higher low which is bullish.
We are still looking at a lower high based on the previous structure.

We continue bearish below 71K.
We would become extremely bullish for one last jump above 72K-74K, not below.

Namaste.

Comment:

Even though I just mentioned 71K we have to keep in mind that Bitcoin is strongly bullish above 70K... It can keep on going, please reminder that, regardless of our bias.

Comment:

4H, this is how things are looking; lower high:

The signals are mixed overall.

The chart is bullish;
The trend is bullish;
The market is bullish;
Daily action still within a lower high;
Watch out for the drop.

We will wait for additional information in the coming days but continue with a bearish bias.

Comment:

The bullish potential recently activated remains active above 70K.
If Bitcoin moves below 70K full bearish including the very near short-term.

Namaste.

Comment:

I am using the same chart but making new drawings.

Here we have Bitcoin short-term, 1H timeframe:

👉 I'll just keep it simple; everything is pointing down.

Bitcoin is going lower, much lower.

Please boost to let me know if you want a new trade idea with short-term (1h timeframe) updates.

Thanks for the support.