BitcoinShort
Possible short outcome on BITCOIN by ThinkingAntsOk
Consider this as a guide to support or discard a trade idea of your own.
On the 4HS chart the main items are:
a)After the price hit 13.000 we saw a broke out from the ascending trendline and an ABC formation from the broken side
b)This gives us information that the price wasn't able to re-enter the previous zone
c)To confirm that the price broke out again from the ABC structure an now is testing a support zone
Based on the previous Items our conclusions are:
-Acceleration on the bullish movement decreased
-2 ascending trendlines have been broken
-If price breaks out the support zone, we expect a continuation of the bearish movement towards the ascending trendline
-If that happens. look for reversal patterns on the major ascending trendline, we think is a good spot to develop long setups.
On the 4HS chart the main items are:
a)After the price hit 13.000 we saw a broke out from the ascending trendline and an ABC formation from the broken side
b)This gives us information that the price wasn't able to re-enter the previous zone
c)To confirm that the price broke out again from the ABC structure an now is testing a support zone
Based on the previous Items our conclusions are:
-Acceleration on the bullish movement decreased
-2 ascending trendlines have been broken
-If price breaks out the support zone, we expect a continuation of the bearish movement towards the ascending trendline
-If that happens. look for reversal patterns on the major ascending trendline, we think is a good spot to develop long setups.
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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.
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.