Bitcoin looking for downside.
Hello everyone,
Today is a quick post. As you all know I have been calling for a downside to at least the $45,000 level for some time now. As each day goes on we are seeing more and more signs of bearish behavior both on short term and long term charts. The weekly MACD wants to transition from waning buying momentum to increasing selling momentum. Here are the technicals.
1. On the Hourly charts there is very clear Bearish Price action where as price drifts up volume drifts down.
2. The Daily timeframe has tested and failed to close above the 50MA 3 times now. Things generally happen in 3s when trading. I am expecting another leg down here soon.
3. The Daily timeframe has closed below the 50MA for 3 days now and we should expect to see the 100MA hold price as support around $48,000 to $50,000.
4. There is a clear bear flag on the 1 hour timeframe with a bull trap showing an inverted head and shoulders rejected at the neckline of $57,000. I believe in order to breakout we needed this pattern to succeed.
5. There is now a Head and Shoulders pattern forming on the 1 hour chart. The neckline is $55,000. Breaking this level will quickly move us back to $53,000 then $50,000.
6. There is market exhaustion price action on the weekly and bearish price action on the Daily and Hourly time frames.
With all of this said I am still heavily bullish. I believe this is the chance for the market to take the breath it desperately needed. Along with that, I believe we will see hard pump to the upside after slowly drifting down into the $40,000s. My time frame on this happening is by the middle of May.
As always, sue risk management strategies, be patient, and good luck trading!
Today is a quick post. As you all know I have been calling for a downside to at least the $45,000 level for some time now. As each day goes on we are seeing more and more signs of bearish behavior both on short term and long term charts. The weekly MACD wants to transition from waning buying momentum to increasing selling momentum. Here are the technicals.
1. On the Hourly charts there is very clear Bearish Price action where as price drifts up volume drifts down.
2. The Daily timeframe has tested and failed to close above the 50MA 3 times now. Things generally happen in 3s when trading. I am expecting another leg down here soon.
3. The Daily timeframe has closed below the 50MA for 3 days now and we should expect to see the 100MA hold price as support around $48,000 to $50,000.
4. There is a clear bear flag on the 1 hour timeframe with a bull trap showing an inverted head and shoulders rejected at the neckline of $57,000. I believe in order to breakout we needed this pattern to succeed.
5. There is now a Head and Shoulders pattern forming on the 1 hour chart. The neckline is $55,000. Breaking this level will quickly move us back to $53,000 then $50,000.
6. There is market exhaustion price action on the weekly and bearish price action on the Daily and Hourly time frames.
With all of this said I am still heavily bullish. I believe this is the chance for the market to take the breath it desperately needed. Along with that, I believe we will see hard pump to the upside after slowly drifting down into the $40,000s. My time frame on this happening is by the middle of May.
As always, sue risk management strategies, be patient, and good luck trading!
Feragatname
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