Me, Myself and Bitcoin
Seeing recent price action I couldn't help but begin to react to potentiually early signals of a short. Between the two pennants we can see where it moves 'sideeways', but is this consolidation or rather, capitulation.
Now we saw the price drop, then stablise into what i SEE as a bearish pennant. I then overlaid another pennant, conforming to fib levels and trending. And it paints a picture that, if we break down that bear pennant, we will test the other pennant further down, getting very close to 12 month bearish trend line, where we have been ranging above. But this is such a high risk chop zone it will become volatile. S/L.
Risk management implemented, decision made, I have shorted. Be careful!!
Now we saw the price drop, then stablise into what i SEE as a bearish pennant. I then overlaid another pennant, conforming to fib levels and trending. And it paints a picture that, if we break down that bear pennant, we will test the other pennant further down, getting very close to 12 month bearish trend line, where we have been ranging above. But this is such a high risk chop zone it will become volatile. S/L.
Risk management implemented, decision made, I have shorted. Be careful!!
Comment:
No one wants to buy around this area, more downside
Comment:
EMA and MA cross-over. Looking at the charts and scrutinising against volume, trades by volume and order book depth and overlay, i would say we are looking at $9,090 next and I would be of the view point this area will see orders pulled, and people will market sell