BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is my first chart post i am by no means a charting wizard!! just simple ideas which i sometimes forget and it also helps me if i write them down and go over them myself :)
A sell off like this with the bulls having very little control or ability to have any type of decent looking bounce cant leave many people confident to buy the next dips. The strong high volume bounces with reversal type candles and follow through look like they just ain't happening , with that being said #BTC has to have a nice bounce soon doesn't it ???
The 4 hour zones which we all should be anticipating some sort of decent reaction are 8450-8300 then 7900-7750, losing the last zone looks it could cause chaos with only a possible 4 hour and daily swing high turning into support 7500ish after that the best scenario looks like it would be consolidation for weeks or in between 7500 and 6000.
A possible bullish trade today with decent R/R will be dropping below the the recent low without much follow through or bearish volume , dipping into or just above the green buy zone and then closing the hour back above 9510 leaving a swing failure/ bullish reversal candle on the 1 HOUR GRAPH, Stop loss would be below the previous candle and Target will be depending on the volume and overall strength, First resistance 8700, 8900,9000,9200,9400.
9400 Looks like a long shot and doubt it will happen without coming back down to form a higher low on the 4 hour but we do have this consensus news so you never know!!

Bearish trades don't have the best R/R at the moment, but obviously shorting at the resistances will give you best R/R, shorting breakdowns now is risky as a bounce is possible any time soon
The bearish trade i like most is if the next bounce plays out at 8450 #BTC manages to get into the 8900 9000 range, again depending on the state of the bounce, Was it strong ? high bull volume ? not much selling ? or did we crawl up ? low volume ? if we crawled up reach this box and look like #BTC is struggling then short with stop slighty above say 9070 just in case of a spike. Target will yet again depend on if the bulls are fighting back or look weak, !!! #BTC could easily go to lower lows with the look of the graph at the minute!!


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