Bitcoin BTCUSD - Bearish inside bar fakeout pattern is forming
My accurate bearish call from last month played out nicely as price broke out of the pennant pattern and proceeded to drop to our first price target of $6,000. Price has since popped back up to retest the bottom of the pennant. This is the moment of truth for bitcoin on whether it can reverse it long term bearish slide or whether it will continue to drop and make new lows. In an attempt to break up above the pennant price has fall back below today's lows and has formed an ominous and bearish pattern called the inside bar fake out pattern. This is an inside bar pattern, where price breaks out and then pulls back in, which signals that traders are now trapped in their long positions and price now has the fuel needed to drop quickly.
I want to emphasize that today's candlestick has not yet closed, so this pattern isn't official until close, but if the bitcoin market closes around or below $7,400 then we may see price quickly drop lower from here. Also be aware of the strong, short term bullish trend of the last week, and any short positions should be strictly protected with stop losses.
I want to emphasize that today's candlestick has not yet closed, so this pattern isn't official until close, but if the bitcoin market closes around or below $7,400 then we may see price quickly drop lower from here. Also be aware of the strong, short term bullish trend of the last week, and any short positions should be strictly protected with stop losses.
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Previous analysis
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Just an added note, if you want to short this do so cautiously as the strong bullish run up to this pattern adds risk to the short side. Either wait until a break of the bottom of the pattern or just take small bites out of this, or both
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As i last commented, short term strength has steamrolled the bearish pattern. At this point I will be on the sidelines waiting for new price action signals and price actiom clarity.
