Short

Bitcoin - August 3, 2020 (Bearish)

Updated

Hello everyone,

... back with another update.

First of all: apparently it's a violation of the rules to mention social media applications in a post, so yesterday's post got flagged and deleted by TradingView.

This post is just going to be a quick update.

If we zoom in to the hourly time frame, it's clear that we are forming a bear flag (the 2 black arrows). At the moment, we have our 3rd lower high (+/- 11,250).
The last 3 hourly candles are all "gravestone dojis" (a bearish pattern that suggests a reversal followed by a downtrend in the price action). This is consistent with the bear flag-pattern and it adds to the likelihood that we will see a continuation of the downwards action.

Note, as well, that we are at a green 8 on the TDS (hourly time frame). Hence, the signs are there for a (short term) drop.

The key levels to watch are
- To the upside: 11,400. A (convincing) break through 11,400 could revive the bull run. (First target: 11,650.)
- to the downside: 11,000. A (convincing) break through 11,000 could result in another dump. (first target: 10,600.)

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OPINION (Unchanged): BEARISH

ANALYSIS (updated):
-----------------------------
See above

Note

Hi guys,

This is like the 4rd time that I try to post this update and I'm kinda fed up with how crappy TV works, so it'll be very short. Bear with me.

I have redrawn the bear flag, based on the price movement of the last hours. I think the shape makes more sense now.

I also added the Fibonacci retranchement, from just before the dump, all the way to the bottom.
=> Note that today's high lines up with the 0.618 Fib retracement.

We got above 11,400, but, to me, it looks more like we got rejected by 11,400 than that we cruised passed it.
=> So I remain bearish.

GeertVD

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