Short

Updated

BTCUSD short for now

BTC hitting strong resistance @ 6900 USD

Testing resistance around 7200 USD multiple times

Death cross 100/200 SMA on the daily

Ichmoku cloud showing resistance on the daily

however, bullish on the higher time frames as we might break this resistance in the coming weeks

Note

TP 5600 USD possible long hunter wicks to the upside

Note

strong overhead resistance @ 7400

Note

BTC macro structure outlook

-- appears to be forming falling wedge
-- getting heavy resistance from the 0.382 fib retrace
-- above a daily 9 based on TD sequential

Note

Macro view on the daily

Note

hopefully we wont go this low but certainly a possibility given the continuation pattern for a falling wedge

Note

broke out of the rising wedge
forming lower highs in a downward channel
let's see if we can break through the 7200 region first
otherwise, its more downward price action from here

Note

lower half of rising channel or upper half of falling channel
only time will tell

Note

same fractals in play here

Note

broke out of ascending channel but getting resistance from .618 fib

Note

rejected by key resistance @ 9400 and back in the rising channel high probability of more downside action to back test the initial break out

Note

uptrend continuation or new downtrend?

mrmtech

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.

mrmtech