BTC potential short - target 8.2-8.4k
Mis à jour
As much as i would love for this bitcoin bull run to continue, there are some eerily similar patterns between this and when we attempted to break 11.8k. Not to say that we won't break this resistance, as consolidation under a resistance is a bullish pattern, but there is a very real possiblity of having a large sweep down to 8.4k, as I have been posting about. Take a look. If this resistance did happen to not break, we would see a massive wave of selling just like when we firsts approached 11.8k the first time. That's not to say that we'll be back in a bear market, but rather more accumulation is necessary to break 9.5k. We must break and close above 9.5k for that to happen. More ideally, 9.8k as you can see in the graph. First target is 8.2-8.4k, second target is mid 7k's if that were not to hold. This will be invalidated if we can close above 9.5k.
Commentaire
There are bearish divergences on the weekly timeframe as well as many of the hourly graphs as well. Simply put, this is not a place to open a long a perhaps waiting for another lower low would be a good risk reward for a short. with stops above 9.5kCommentaire
This analysis is based off of a lot more than just this single graph FWIW.Commentaire
So far so good. Down $350 since posting. A bounce here at 8950 looks likely, with a swing up to set a lower high, and then continue our path downwards to 8.4kCommentaire
Well boys and girls. We have some huge larger timeframe bearish divergences, however we have closed the daily with a high above the support mentioned. The pump today to a new high was on seriously low volume, causing the divergence, however shorting anywhere but near that high with a tight stop is offically dangerous. Perhaps a very short with a tight stop on one account would be worth the risk. Holding long hoping for another breakout is certainly gambling, but bitcoin bull runs can certainly be irrational as well. Good luck and let's get that $$.Commentaire
very small short*
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