BTC showed a 4% candle to the downside. It found intermediate support at 8843 USD with a tiny pullback only to the .236 fib line.
After it got heavily rejected at 8200 USD It stayed well below the 9000 USD level, which gives us a solid selling signal in the short term.
By looking at the weekly (see below), this formation looks like a solid weekly high has been found.
If we find bearish follow through I expect the price to go further down to look for a new low to be set next week.
The most important level to watch is the recent weekly low at 8400 USD.
The question:
Will we see a higher low than that, favoring a bullish continuation on the weekly timeframe
or
will we see a lower low than 8400 USD which will put us to my personal favored accumulation zone 7800-8000 USD
Weekly Chart:
So if you have some BTC on an exchange that can be sold quickly, I think it's a good short opportunity in order to rebuy at lower levels.
Aggressive bulls could already buy in at 8400 USD, setting stop-loss below 7700 USD.
But still keep in mind that the 8k buy-in target is probably the best Risk/Reward Ratio you can get, if the price reaches this target.
After it got heavily rejected at 8200 USD It stayed well below the 9000 USD level, which gives us a solid selling signal in the short term.
By looking at the weekly (see below), this formation looks like a solid weekly high has been found.
If we find bearish follow through I expect the price to go further down to look for a new low to be set next week.
The most important level to watch is the recent weekly low at 8400 USD.
The question:
Will we see a higher low than that, favoring a bullish continuation on the weekly timeframe
or
will we see a lower low than 8400 USD which will put us to my personal favored accumulation zone 7800-8000 USD
Weekly Chart:
So if you have some BTC on an exchange that can be sold quickly, I think it's a good short opportunity in order to rebuy at lower levels.
Aggressive bulls could already buy in at 8400 USD, setting stop-loss below 7700 USD.
But still keep in mind that the 8k buy-in target is probably the best Risk/Reward Ratio you can get, if the price reaches this target.
Comment:
new low at 8161 USD. I manually put some chips from the table but I think bears still have some steam left. Target: 7850 USD
Trade closed: target reached:
OK people, you can stop selling now :)
