Hello everyone this is my idea for Bitcoin on daily time frame ..
In this analysis i explain why i am bearish on Bitcoin right now ..
If we see on weekly time frame and monthly time frame .. Price is overextended and due for correction
in the same time .. Most indexes are going through same cycle .. and at some point Correction will happen .. it just need a trigger ..
Now anything is possible market can still push higher .. Just my bias is bearish right now .. However .. we will still trade with confirmation and I will represent you my idea ..
From a weekly time frame as you can see in the chart below .. we can see a important point of interest zones ..
where price could Retest
On daily time frame we could have a head and shoulder pattern if price close below red line ... and price came back to test the broken support which could lead to a sell off as chart below .
Now to make things more simple about simple and good entries and exist ..
You wanna be a seller if price close below orange line .. to target green line as long as no ( daily close above orange line )
You wanna be a seller if price close below green line to target red line .. as long as no ( daily close above green line )
You wanna be a seller if price close below red line to target Zone i mentioned in head and shoulder as long as ( no daily close above red line )
for any question feel free to ask :)
In this analysis i explain why i am bearish on Bitcoin right now ..
If we see on weekly time frame and monthly time frame .. Price is overextended and due for correction
in the same time .. Most indexes are going through same cycle .. and at some point Correction will happen .. it just need a trigger ..
Now anything is possible market can still push higher .. Just my bias is bearish right now .. However .. we will still trade with confirmation and I will represent you my idea ..
From a weekly time frame as you can see in the chart below .. we can see a important point of interest zones ..
where price could Retest
On daily time frame we could have a head and shoulder pattern if price close below red line ... and price came back to test the broken support which could lead to a sell off as chart below .
Now to make things more simple about simple and good entries and exist ..
You wanna be a seller if price close below orange line .. to target green line as long as no ( daily close above orange line )
You wanna be a seller if price close below green line to target red line .. as long as no ( daily close above green line )
You wanna be a seller if price close below red line to target Zone i mentioned in head and shoulder as long as ( no daily close above red line )
for any question feel free to ask :)
I consider those three lines a good support ..
If those supports are breached this could lead to a downtrend .. and strong sell