Yesterday we saw a drop of 600$ in less than 1h, can we expect more downside?
1. Lost of the Bear Flag
On Thursday we saw bitcoin dropped 700$ has a results we lost broke down from the Bear Flag. This means that now the trend turned from Bullish to Bearish.
We saw a triangle formed right after, this was the chance for the bulls to prepare a reversal, but again we saw a 600$ drop in 1h that resulted in losing again the trend.
2. On which sides are leaning the Indicators?
Right now indicators are not looking great for Bitcoin:
- Ichimoku is acting has a resistance right now, we already saw 2 rejections on the bottom of the cloud;
- Macd flipped bearish;
- We are in the lower half of the BB band;
- Rsi is the only good news, showing a bullish divergence at the moment, but it could still go lower.
3. Levels to watch
Currently the important levels are:
- For Bears: 6 805 & 7 080 (Levels to short)
- For Bulls: 6 475 & 6 275 (Levels to take tp)
Since the trend is bearish, i will be more focused on shorting than longing. Already made 9% yesterday on a call i made in my discord server. (Link in the description below)
My strategy is pretty simple, Shorting the bounce and taking profits on the big supports. If you have questions feel free to ask me, i am always available to help!
1. Lost of the Bear Flag
On Thursday we saw bitcoin dropped 700$ has a results we lost broke down from the Bear Flag. This means that now the trend turned from Bullish to Bearish.
We saw a triangle formed right after, this was the chance for the bulls to prepare a reversal, but again we saw a 600$ drop in 1h that resulted in losing again the trend.
2. On which sides are leaning the Indicators?
Right now indicators are not looking great for Bitcoin:
- Ichimoku is acting has a resistance right now, we already saw 2 rejections on the bottom of the cloud;
- Macd flipped bearish;
- We are in the lower half of the BB band;
- Rsi is the only good news, showing a bullish divergence at the moment, but it could still go lower.
3. Levels to watch
Currently the important levels are:
- For Bears: 6 805 & 7 080 (Levels to short)
- For Bulls: 6 475 & 6 275 (Levels to take tp)
Since the trend is bearish, i will be more focused on shorting than longing. Already made 9% yesterday on a call i made in my discord server. (Link in the description below)
My strategy is pretty simple, Shorting the bounce and taking profits on the big supports. If you have questions feel free to ask me, i am always available to help!