BTC/USD Bearish Signs
Updated
BTC/USD is looking a bit bearish at the moment. $470 proved to be resistance once again and has made a lower high at $466 on the daily chart. My concern is the break below this blue dashed line could be a sign of selling to come. The volume is also not matching that of a true breakout from the $420 area.
The DMI has been showing lower highs on the weekly (a sign of decreasing acceleration) for a while and has just registered another lower high. This could be signaling collapse of the weekly uptrend coming.
My belief is this is not the area to be buying, but instead wait for a swift drop in price to happen first or wait for a break above $470 area. I'm not sure how far down a drop in price could be, but if the weekly trend is over it could be very low like $300. Personally I try not to make targets as one can never be too sure how far something will go.
Good luck
The DMI has been showing lower highs on the weekly (a sign of decreasing acceleration) for a while and has just registered another lower high. This could be signaling collapse of the weekly uptrend coming.
My belief is this is not the area to be buying, but instead wait for a swift drop in price to happen first or wait for a break above $470 area. I'm not sure how far down a drop in price could be, but if the weekly trend is over it could be very low like $300. Personally I try not to make targets as one can never be too sure how far something will go.
Good luck
Note
Breakdown seems to be confirming here. If you're still long I would get out quick. The amount of leverage on the long side makes a flash crash very likely.Note
This is obvious to everyone, but the concerns on the short side were very wrong. Yeah it dipped, but this move back up is unlike anything I've ever personally seen in Bitcoin so far. This is by far the most bullish move I can recall.
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