Bitcoin going on the road. Bears gaining power

Hi!

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What now? Where to ?

In my chart i draw Bitcoin current trading channel. The middle line is the decision point of the next moves.
- If we close a candle below white line, bears are in control.
- If we close above the white line Bulls are in control.
- Trade with trailing stop loos.

Support level could be difficult to predict now. Since we could also drop to 6500 range in the next dumps. For now Im a bit more bearish and i believe FOMO will end soon.

I will try to update my charts as we go :) What do you think?

Thank you for support!

Note

What i see:
- Huge rejection candle after touch of 9054
- Could not find support at previous candle low and did go lower. ( Bears showed power and telling us they wont quit that fast. )

- 9000 could be psychological level of resistance and for now we see some rejection.
- Could be a false brake out ( bull trap )
- Im looking for a pullback in to the red zone. After that we need to see a strong support in this area in order to confirm next move higher.

- If we brake the red zone and close a candle below the zone, bears will gain momentum and try to test 8700 level, that was previously local resistance and could now act as support.

Note

EDIT:
- If we brake the red zone and close a candle below the zone, bears will gain momentum and try to test 8700 - 8840 level, that was previously resistance and could now act as support.
- we may se a bounce back up in this areas around 8700-8800
- closing below 8600 could take us to the around 8000-8150 area

Note

Looking at current charts we see nice pullback. And Im looking for an reversal candle that will tell us that price has reversed to the upside.

- We did not find any real support at 8800 level that would indicate an move to the previous resistance levels.
- 8740 levels could be important support zone as it was in the past multiple time resistance and support level (look left on the charts)
- Bounce back up could happen soon if we brake 8800 and hold this position.
//////
Looking at 15min charts:
- In the middle ob Boiling Band = pointing that we are currently in decision point levels
- We are still under the CMA 7 moving average.
- Under the SMA 25 moving average.
= Shows Bears in control until we close above 8800
//////
Looking at 1H charts:
- We are still under Moving average 20 & 50
= Shows Bears in control
//////
Looking at 4H charts:
- Above Moving average 20 & 50
- First support on MA 20 = around 8400
- Far above boiling bands = usually we want to stay in the range of BB
- Top of BB range = currently 8320 level
//////

- 8800 to 8850 level should be max level for bulls if bears are still in control.

Note

Seems that 8850 did not hold. Bears are in control.
My next targets ( if we don't find support at levels below:

T1 = 8670
T2 = 8600
T3 = 8400

Trade active

T1 at 8670 reached

- we have rejections all the time in progress
- next target 8600 <3

T2 = 8600
T3 = 8400
T4 = 8200

Note

Bears are taking a bit to long to show their power!
But they won't give up that easy ! ;)

- Looking for my next Targets down the trend.
- Local resistance at 8780. If we brake this level and find support, would be a bullish conformation.

Note

Possible plan for bearish scenario:

Note

Hit That Like Button if you did not already ;)

What now? Where to ?

In my chart i draw Bitcoin current trading channel. The middle line is the decision point of the next moves.
- If we close a candle below white line, bears are in control.
- If we close above the white line Bulls are in control.
- Trade with trailing stop loos.
- Take profits on the road.

DomiTheProducer

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TG: t.me/DcaSignals

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DomiTheProducer

Join my free signal group for FTX Exchange:
TG: t.me/DcaSignals

Get -5.00 % of all your trading fee on FTX with my link:
ftx.com/

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