Bearish Divergence is showing weakness in the market on 4h Chart. This is even more evident on the 1h and 2h charts. Rising Wedge broke downward and now forming an additional extended bearish continuation pattern - a horizontal channel. I keep shorting these small pumps. Strong resistence and Whales got the Bulls trapped who believe we will moon. But I believe bear market is still live and well for one more big leg down.
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BTC just tested my red resistence line perfectly. Printed a bearish engulfing candle on the 1h chart. Lets see what the next few hours bring and also if the higher timeframe 4h candle will be bearish engulfing. It is almost crunch time so get your popcorn ready!
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The 4 Hour Candle on Coinbase and Bitmex = Bearish Engulfing (!)
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Maybe Scam Wickidy up and then dump? Volume looks horrendous...
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The volume looks so bad and Bulls are really having a hard time breaking 17k.. Just saying...
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Volume still looks like crap. I believe this was the scam wick/fakeout that I was referring to with a local top at 17400ish zone, may hit 17500s area as this is the 0.618 Fib retracement. Dump still coming in my opinion and holding on to my short!
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As crazy as it sounds, I am still in all my short positions. Underwater of course at the moment :/ But holding on and still believe in lower targets. Low leverage is the key here! If this shall be indeed the new bull run and we keep pumping, then I will add to my shorts at significant higher prices to improve my entry point and will look to break even. Far away from liquidation so no worries here.