#BTC This should be corrected ...
Greetings to all readers of this idea! Let's talk about what's happening?
As you all know, Bitcoin has been growing for several days already and it is growing quite well: increasing volumes, strong candles, good trend support, and so on. But there is only one BUT. On a strong bearish trend (and it has not yet been broken), such local rebounds often become a “dead cat's rebound”, and this situation brings an even stronger continuation of the bearish trend.
Now, of course, it's hard to call it a 100% dead cat rebound, because there are volumes. Volumes didn't form a divergence, as is usually the case with counter-trend rebounds, but increased along with the price, forming the appearance of good purchasing power.
What it is? Thin game on our nerves from the market maker or the first echoes of a possible reversal? We will know about this a few months later, when the recovery cycle should come.
In the meantime, the plan for bidding is short. With VIP subscribers, we got short from 4030 and higher, we have already closed one target and are sitting with a stop at the breakeven. We are closely monitoring the situation in order to roll over in time or to get a position when working out one of the scenarios that we indicated on the chart.
Now the “moving expanding triangle” figure has been formed, which is not a breakdown figure or continuation of the trend. It should have 5 waves that have already passed with us, so the triangle doesn't make sense further, but its borders very nicely show the local trend. And if it is expanding, then this tells us that the trend is "in the balance" of a fracture.
The indicators continue to go crazy and show the weakness of the buyer, MACD moves to the seller for the first time for the entire local trend, RSI has long been at the top and also wants to correct. Volumes ceased to grow, even at 4H there was a divergence in price and volume, which is already starting to work.
As a result, we want to say we need to monitor the situation, how the price will behave now. If the next 4-8 hours will be for the buyer, you can close the short and turn over into long, and if you hit the bottom edge of the triangle, you should to work from the levels and you can even add a little short.
Thank you for attention and we welcome your comments, questions and personal ideas on the market!
As you all know, Bitcoin has been growing for several days already and it is growing quite well: increasing volumes, strong candles, good trend support, and so on. But there is only one BUT. On a strong bearish trend (and it has not yet been broken), such local rebounds often become a “dead cat's rebound”, and this situation brings an even stronger continuation of the bearish trend.
Now, of course, it's hard to call it a 100% dead cat rebound, because there are volumes. Volumes didn't form a divergence, as is usually the case with counter-trend rebounds, but increased along with the price, forming the appearance of good purchasing power.
What it is? Thin game on our nerves from the market maker or the first echoes of a possible reversal? We will know about this a few months later, when the recovery cycle should come.
In the meantime, the plan for bidding is short. With VIP subscribers, we got short from 4030 and higher, we have already closed one target and are sitting with a stop at the breakeven. We are closely monitoring the situation in order to roll over in time or to get a position when working out one of the scenarios that we indicated on the chart.
Now the “moving expanding triangle” figure has been formed, which is not a breakdown figure or continuation of the trend. It should have 5 waves that have already passed with us, so the triangle doesn't make sense further, but its borders very nicely show the local trend. And if it is expanding, then this tells us that the trend is "in the balance" of a fracture.
The indicators continue to go crazy and show the weakness of the buyer, MACD moves to the seller for the first time for the entire local trend, RSI has long been at the top and also wants to correct. Volumes ceased to grow, even at 4H there was a divergence in price and volume, which is already starting to work.
As a result, we want to say we need to monitor the situation, how the price will behave now. If the next 4-8 hours will be for the buyer, you can close the short and turn over into long, and if you hit the bottom edge of the triangle, you should to work from the levels and you can even add a little short.
Thank you for attention and we welcome your comments, questions and personal ideas on the market!
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