“Daily XBT/USD” – With last nights daily close below the previous candle open of 6148 we are currently making lower highs which is a good indication of trend continuation to the downside, but don’t be too quick to jump in as were sitting at a weekly support level of 6000 were we could come into some friction and have price stalling or consolidate on lower TFs.
Would need a break below structure before we shoot down to expected target zones of 5700. If you didn’t enter a short upon last nights close then you could drop down to a 4Hr TF to find a good entry to short. Please note that we also have bearish divergence which could be a trend reversal so approach with caution. Overall, I am bearish until we find the bottom which is around the 5000-4800 region where I will be looking to place buy orders.
Would need a break below structure before we shoot down to expected target zones of 5700. If you didn’t enter a short upon last nights close then you could drop down to a 4Hr TF to find a good entry to short. Please note that we also have bearish divergence which could be a trend reversal so approach with caution. Overall, I am bearish until we find the bottom which is around the 5000-4800 region where I will be looking to place buy orders.