BTC sell-off is starting?
***JustChart Daily Price Action Analysis***
Observations:
⦁ Recent drop is caused by 4h candle (n-4) false breakout, exacerbated by following factors: [1] High market volatility [2] Overdued pullback [3] Lower high confirmation.
⦁ 4h Support structure (34034) did not hold. Price is now facing horizontal 1D support structure and 1D upwards swing trendline.
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What I am looking out for:
⦁ This is starting to look bearish, with double top & false breakout confirmation. I am looking for a sell confirmation, after price pullback and acknowledge it's new resistance level. (34000)
⦁ Going above resistance level (34000) seems plausible, considering it's steep sell momentum and previous bull trap. If price pullback above, I am looking at FIB retracement level (0.5) as the safe level it shouldn't cross for a sell confirmation.
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I will be uploading a detailed video walkthrough of the above written analysis. So be sure to check it out on my YouTube channel.
Stats:
Gut Feel = Short
Analytical Feel = Short
Legend:
1D = Daily Timeframe
4h = 4-hourly Timeframe
N = Current Candle
N-1 = Previous Candle
N-2 = Previous 2nd Candle
N+1 = Next Candle
N & N+1 = Current Candle + Next Candle
Observations:
⦁ Recent drop is caused by 4h candle (n-4) false breakout, exacerbated by following factors: [1] High market volatility [2] Overdued pullback [3] Lower high confirmation.
⦁ 4h Support structure (34034) did not hold. Price is now facing horizontal 1D support structure and 1D upwards swing trendline.
-------------------------------------------------------
What I am looking out for:
⦁ This is starting to look bearish, with double top & false breakout confirmation. I am looking for a sell confirmation, after price pullback and acknowledge it's new resistance level. (34000)
⦁ Going above resistance level (34000) seems plausible, considering it's steep sell momentum and previous bull trap. If price pullback above, I am looking at FIB retracement level (0.5) as the safe level it shouldn't cross for a sell confirmation.
-------------------------------------------------------
I will be uploading a detailed video walkthrough of the above written analysis. So be sure to check it out on my YouTube channel.
Stats:
Gut Feel = Short
Analytical Feel = Short
Legend:
1D = Daily Timeframe
4h = 4-hourly Timeframe
N = Current Candle
N-1 = Previous Candle
N-2 = Previous 2nd Candle
N+1 = Next Candle
N & N+1 = Current Candle + Next Candle
Disclaimer
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