It looks like our prediction last night came true, with BTC's price enjoying moderate gains over the 12 hours since posting. Like all good things, this uptrend must end eventually.
We saw the completion of an inverse head and shoulders pattern at around 9 AM today(pink line), followed by a small increase in price. Don't be fooled, however, as a downwards reversal is looming.
Looking at the WaveRunner Indicator, we see that volume has remained relatively low since the beginning of today's positive price trend. This definitely screams bearish divergence and traders should be weary of entering a long position today.
On the top chart, there is an 18 period slow EMA (blue) and 9 period fast EMA(orange). We've charted the expected projection of both the fast EMA and slow EMA in light blue and light orange. Traders should expect a downwards crossing later this afternoon(highlighted by the maroon flag), with the price topping out around 9475- 9490. If this happens, we can expect a sharp fall and moderate correction down to $9200. The dotted green line shows the projected price, which turns red at the upcoming EMA crossing to signal the beginning of the reversal.
This is shaping up to be a perfect opportunity for anyone trading XBT to enter a short position and cash in big time!
We saw the completion of an inverse head and shoulders pattern at around 9 AM today(pink line), followed by a small increase in price. Don't be fooled, however, as a downwards reversal is looming.
Looking at the WaveRunner Indicator, we see that volume has remained relatively low since the beginning of today's positive price trend. This definitely screams bearish divergence and traders should be weary of entering a long position today.
On the top chart, there is an 18 period slow EMA (blue) and 9 period fast EMA(orange). We've charted the expected projection of both the fast EMA and slow EMA in light blue and light orange. Traders should expect a downwards crossing later this afternoon(highlighted by the maroon flag), with the price topping out around 9475- 9490. If this happens, we can expect a sharp fall and moderate correction down to $9200. The dotted green line shows the projected price, which turns red at the upcoming EMA crossing to signal the beginning of the reversal.
This is shaping up to be a perfect opportunity for anyone trading XBT to enter a short position and cash in big time!
-Profit Programmers
www.profitprogrammer.com
www.profitprogrammer.com
