BTCUSD: Weekly trend is down...
Updated
As per my previous analysis, we had a good chance to rally from the last local bottom, back to 8500+- to top there and resume the bear market decline.
We were long, rode a move from 6360 to 8200-8300, and flipped short but we were shaken out of the short sadly. Now the signal is very clear and the weekly confirms the downtrend with full force. Being the main timeframe in control here, this scenario is of very high probability, since it goes against mainstream sentiment and aligns with the longest term pattern which is currently implying a bearish/sideways phase until we reach the vertical green line in my chart -which nicely aligns with the timing for MtGox coins to be distributed and likely sold at market via exchanges by desperate hodlers who were stuck since Gox went to hell-.
We can look to enter shorts at market, gradually, or wait for a retracement entry after the weekly close, which would give us a far greater reward to risk ratio.
Cheers,
Ivan Labrie.
PS: Don't be a stubborn hodler, please go to cash...unless you really enjoy losing money for no good reason.
We were long, rode a move from 6360 to 8200-8300, and flipped short but we were shaken out of the short sadly. Now the signal is very clear and the weekly confirms the downtrend with full force. Being the main timeframe in control here, this scenario is of very high probability, since it goes against mainstream sentiment and aligns with the longest term pattern which is currently implying a bearish/sideways phase until we reach the vertical green line in my chart -which nicely aligns with the timing for MtGox coins to be distributed and likely sold at market via exchanges by desperate hodlers who were stuck since Gox went to hell-.
We can look to enter shorts at market, gradually, or wait for a retracement entry after the weekly close, which would give us a far greater reward to risk ratio.
Cheers,
Ivan Labrie.
PS: Don't be a stubborn hodler, please go to cash...unless you really enjoy losing money for no good reason.
Note
Today's high sits below the last uptrend mode in the daily (purple box), this is a sign of weakness pretty much. I'm still not sure if we will go sideways, or continue to trend down steadily as per the weekly chart, but this is a red flag for the sideways case, already...if weekly bars form lower highs too, then we will see a sharp move down, and not sideways until the ETF news come out (like I thought was possible)s3.amazonaws.com/tradingview/snapshots/s/SmXs1ucy.png
🔒Want to dive deeper? Check out my paid services below🔒
ivanlabrie.substack.com/
ivanlabrie.substack.com/
Related publications
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.