In my previous 2 Ideas, my analysis worked out well in my favor. I´m still Bearish about Bitcoin, my orientation is DXY, RSI, and Stoch Indications. The strong DXY is resulting in a strong meltdown in other Assets (Gold for example) and Crypto assets as well.
After the strong selloff, bears are taking a break and the price is forming a great HEAD & SHOULDERS pattern on my Demand zone ( 1H Chart), giving confidence to my actual selling idea. On the other hand, RSI is still below the 50 Level and this indicates that we should be patient in the next few days (near the weekend).
My entry point is: Sell Stop 20592.55
SL: 21737.19
TP:18050
IF THE 1849.05 breaks bitcoin could fall lower. If the price closes this month above my Buying extension, a rally to 25k-26k is possible.
Trade with responsibility, take your time, and good luck traders!
Cheers, Adnan.
After the strong selloff, bears are taking a break and the price is forming a great HEAD & SHOULDERS pattern on my Demand zone ( 1H Chart), giving confidence to my actual selling idea. On the other hand, RSI is still below the 50 Level and this indicates that we should be patient in the next few days (near the weekend).
My entry point is: Sell Stop 20592.55
SL: 21737.19
TP:18050
IF THE 1849.05 breaks bitcoin could fall lower. If the price closes this month above my Buying extension, a rally to 25k-26k is possible.
Trade with responsibility, take your time, and good luck traders!
Cheers, Adnan.
