Has we are holding pretty well the uptrend, what his our next move? Can we expect a last push to the 7.8k resistance? Or can we expect a breakdown to 6.8k and lower?
1. Rising wedge
This pattern has a tendency to break down after the 3rd - 4th touch on the bottom, currently we just made the 4th touch and we can see that Bulls are losing strength slowly. Each time we touch the bottom we saw a quick rebound: 1st: 26% - 2nd: 11% - 3rd:9% - 4th: So far around 2 - 3%.
2. Indicators
Indicators are separate in 2 camps at the moment.
Bull camp: Macd is below 0, but since the bullish flip we have been holding the uptrend really well, Ichimoku has been break to the upside meaning that it his now working has a support for us.
Bear camp: Volume is only decreasing since 3.7k meaning we have a Bearish divergence, also the Rsi is showing a Hidden Bearish Divergence on the 4h.
3. Social Media
Currently the majority of the social media is saying 7.8k than dump or breakout to 9k. Rarely i have seen Btc fallowing the mass so for me it's a big warning to see so many people coming together on this next move.
My take is that we would breakdown before 7.8k for 2 reasons:
1. You liquidate all the people that are longing at 7k;
2. You force the Bears that we're waiting for 7.8k to Fomo around 7k;
So i will be waiting for an actual breakdown, and once we get it i will short the re-test.
The trade idea will be post in my Discord server, if you want to fallow it be sure to click on the link below to get access!
Cheers!
1. Rising wedge
This pattern has a tendency to break down after the 3rd - 4th touch on the bottom, currently we just made the 4th touch and we can see that Bulls are losing strength slowly. Each time we touch the bottom we saw a quick rebound: 1st: 26% - 2nd: 11% - 3rd:9% - 4th: So far around 2 - 3%.
2. Indicators
Indicators are separate in 2 camps at the moment.
Bull camp: Macd is below 0, but since the bullish flip we have been holding the uptrend really well, Ichimoku has been break to the upside meaning that it his now working has a support for us.
Bear camp: Volume is only decreasing since 3.7k meaning we have a Bearish divergence, also the Rsi is showing a Hidden Bearish Divergence on the 4h.
3. Social Media
Currently the majority of the social media is saying 7.8k than dump or breakout to 9k. Rarely i have seen Btc fallowing the mass so for me it's a big warning to see so many people coming together on this next move.
My take is that we would breakdown before 7.8k for 2 reasons:
1. You liquidate all the people that are longing at 7k;
2. You force the Bears that we're waiting for 7.8k to Fomo around 7k;
So i will be waiting for an actual breakdown, and once we get it i will short the re-test.
The trade idea will be post in my Discord server, if you want to fallow it be sure to click on the link below to get access!
Cheers!
Trade active:
We just saw the breakdown like i was expecting, get ready for a ride!
If you want to fallow my update here's the link:
If you want to fallow my update here's the link:
