Hello all,
In today's analysis I wanted to re-highlight the chart pattern I published back in June. BTC made very nice up moves and tested the top of this parallel channel couple time however it failed to maintain above it and fell into the channel. From there bulls kept showing weakness and finally gave up resulting in approx 2000$ drop from top to current level.
Here on 4hr we now have confirm Death Cross, based on TA this means any move up (till 10800) should be a potential opportunity to add into the short positions. (Most of the times when such cross happens, price moves towards the cross to test it).
This small move up is also supported by 1hr Shepherd trend line (Aqua line) crossing above the Golden Pocket (yellow box) as well as above support from slow and fast lines. Additional confirmation could be if BTC takes out the 1hr 21EMA (yellow MA) and stays above it. Then we can expect BTC to move to 10800 area near 55EMA (green MA).
Happy and safe trading...
Chao...
In today's analysis I wanted to re-highlight the chart pattern I published back in June. BTC made very nice up moves and tested the top of this parallel channel couple time however it failed to maintain above it and fell into the channel. From there bulls kept showing weakness and finally gave up resulting in approx 2000$ drop from top to current level.
Here on 4hr we now have confirm Death Cross, based on TA this means any move up (till 10800) should be a potential opportunity to add into the short positions. (Most of the times when such cross happens, price moves towards the cross to test it).
This small move up is also supported by 1hr Shepherd trend line (Aqua line) crossing above the Golden Pocket (yellow box) as well as above support from slow and fast lines. Additional confirmation could be if BTC takes out the 1hr 21EMA (yellow MA) and stays above it. Then we can expect BTC to move to 10800 area near 55EMA (green MA).
Happy and safe trading...
Chao...
