$7100 is just a .50 Fib. retracement from the previous drop

Two days ago I published a bearish scenario on BTC already.

Here is a new one even more bearish.

Commento:

I know that a lot of crypto traders use different parameters (like 20, 60, 120, 30) with Ichimoku instead of the classic one but I find the original one much more reliable.

Commento:

On the hourly chart

(a) The Kumo (cloud) (hourly) is a support
(b) but the Tenkan sen (blue) and the Senkan Span B (red line of the cloud) should be a resistance

Commento:

the (b) on the left is (a) ;-)

Commento:

Commento:

Will this sideway action end like the one we had end July?

Commento:

I must admit the momentum is pretty bullish now.

However volumes are not there to confirm that and there is a bearish divergence on the 4H timeframe.

Trade attivo:

Shooting star + Bearish divergence.

Let's go down now

Commento:

Now a bearish divergence on MACD (4h) on top of the one on the RSI (4h)

Commento:

So sweet, BTC broke down just after reaching the .618 Fib. retracement.

How long will the current support hold the fall of BTC?

Trade chiuso manualmente:

I think we will have a correction after the huge drop we had.

See my most recent posts to have the latest updates

Commento:

I closed my trade at least temporarily for the reasons mentioned on the graph below