BitcoinShort
BTC Still Going Down
Updated
So, I'm new to all of this and I want to publish this so I can keep track of my thought process. I've never published any ideas in order to see how close I am to trade ideas. This is in no way advice or shit like that, just what I've been thinking.
So, looking at the monthly chart, we have the overall key levels where BTC printed a low of about 3456 on the 19th of NOV.
Since then, we've had a higher low on our weekly of 3508 and a lower high of 4365.
On the daily, we're still on a bearish trend with the 8 day EMA and the 21 MA and still have higher lows. We were not able to break the Nov 24 weekly resistance of 4370 which may send us back down to the sub 4k levels of about 3936 or so. If we can't hold above 4076, I expect us to drop back down to the yellow zone where we've been hovering in the 4hr.
So, looking at the monthly chart, we have the overall key levels where BTC printed a low of about 3456 on the 19th of NOV.
Since then, we've had a higher low on our weekly of 3508 and a lower high of 4365.
On the daily, we're still on a bearish trend with the 8 day EMA and the 21 MA and still have higher lows. We were not able to break the Nov 24 weekly resistance of 4370 which may send us back down to the sub 4k levels of about 3936 or so. If we can't hold above 4076, I expect us to drop back down to the yellow zone where we've been hovering in the 4hr.
Note
So, it looks like we're still riding above the 8 EMA on the 4hr chart. However, the 1 & 2 hr charts are showing us dropping below that and tip-toeing into that yellow zone I drew out around 4122. Bearish divergence still. Will update as the time goes on.
Note
Note
Still bouncing under our resistance of 4394. If we can break above that and hold it, my next target would be to break that 4627 and head towards 5600.Trade closed: target reached
Right on target. Broke below 3936 and now we're hovering within that yellow zone. Riding bearish convergence on 2hr & 1hr. Waiting to see what happens on 4hr.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.