BitcoinShort
8000 or ATH? (RSI,Death cross,Descending triangle)
Things you have to notice on the chart:
1. A possible descending triangle.
Why I call it "possible" is that I can only find this pattern on Bitfinex's chart.
If this pattern completes, we may see a upward / downward breakout.
2. 50MA & 200MA death cross which is a bearish sign.
Note that this is the first time we have the first death cross on the 4 hour chart since September.
3. Bearish RSI
After reaching ATH $19900 , we can see that we are under RSI 60 almost all the time which is a bearish signal.
I also made a comparison with the bull run on September..
We can see that after reaching the ATH $5000, the RSI kept to be under 60 like now. Last time Bitcoin retraced to the position where we started our big bull run. IF HISTORY REPEATS ITSELF, we may see a retracement to ~$8000, where we started our big bull run. This echos with the bearish death cross , head & shoulder , bearish RSI.
In my opinion, I think Bitcoin is bearish now and I have opened a short hedge position to hedge my Bitcoin until there is a clearly reversal signal.
Happy New Year , I wish you all could earn more Bitcoin in this year . :)
1. A possible descending triangle.
Why I call it "possible" is that I can only find this pattern on Bitfinex's chart.
If this pattern completes, we may see a upward / downward breakout.
2. 50MA & 200MA death cross which is a bearish sign.
Note that this is the first time we have the first death cross on the 4 hour chart since September.
3. Bearish RSI
After reaching ATH $19900 , we can see that we are under RSI 60 almost all the time which is a bearish signal.
I also made a comparison with the bull run on September..
We can see that after reaching the ATH $5000, the RSI kept to be under 60 like now. Last time Bitcoin retraced to the position where we started our big bull run. IF HISTORY REPEATS ITSELF, we may see a retracement to ~$8000, where we started our big bull run. This echos with the bearish death cross , head & shoulder , bearish RSI.
In my opinion, I think Bitcoin is bearish now and I have opened a short hedge position to hedge my Bitcoin until there is a clearly reversal signal.
Happy New Year , I wish you all could earn more Bitcoin in this year . :)
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