Decided to publish this BTC chart i made one week ago. Only because it has been following it quite well.
1) On 04.03 i have spotted a hanging man after a good rise towards our downtrend line (log chart). That will be a good signal of reversal to bearish movement. Next candle closed as another shooting star (we saw one at 20.02) and formed a double top pattern. Rejection from the very important level of 11600 - 11800 and our downtrend line, caused the bearish reversal. Next 6 days it followed perfectly. and after 3 long red candles ( Three black crows) we saw a pin candle with some good bullish movement upwards and then further movement down. My target for this double top pattern would be around 7500 and another interaction with our year-long trend line and double bottom.
For a moment we had found support 8300 that has been a strong level from november 2017. Double interaction there caused a little bounce towards previous resistance levels at 9300-9700 and a green day after 6 red days.
From the market analysis point of view, bearish movement during a whole week caused to open a lot of short positions, this sudden green candle caused a liquidation few good short positions and to open longs.
Today we had quite a dump again, liquidation of few longs and continuation of bearish movement we had for a week.
Bearish signs
1) Death cross for EMA is not a good sign
2) Ichimoku cloud on a daily chart prevent us to break out
3) We still didnt have a proper double bottom and a bounce from our year-long trend.
4) Today closure of the daily candle as we see it now can be a bearish harami and reversal back to downwards movement.
5) Daily closure below the previous swing low 9300.
Bullish signs
1) Volume getting better, still far from what we want to see for bullish days
2) Strong support at 8300-8500
3) Stoch RSI and RSI are overbought and just start climbing up so still way to go up.
Conclusion i am remaining bearish and would like to see tomorrow daily closure to evaluate my positions. Don't forget your stop losses on any trade you will make.
1) On 04.03 i have spotted a hanging man after a good rise towards our downtrend line (log chart). That will be a good signal of reversal to bearish movement. Next candle closed as another shooting star (we saw one at 20.02) and formed a double top pattern. Rejection from the very important level of 11600 - 11800 and our downtrend line, caused the bearish reversal. Next 6 days it followed perfectly. and after 3 long red candles ( Three black crows) we saw a pin candle with some good bullish movement upwards and then further movement down. My target for this double top pattern would be around 7500 and another interaction with our year-long trend line and double bottom.
For a moment we had found support 8300 that has been a strong level from november 2017. Double interaction there caused a little bounce towards previous resistance levels at 9300-9700 and a green day after 6 red days.
From the market analysis point of view, bearish movement during a whole week caused to open a lot of short positions, this sudden green candle caused a liquidation few good short positions and to open longs.
Today we had quite a dump again, liquidation of few longs and continuation of bearish movement we had for a week.
Bearish signs
1) Death cross for EMA is not a good sign
2) Ichimoku cloud on a daily chart prevent us to break out
3) We still didnt have a proper double bottom and a bounce from our year-long trend.
4) Today closure of the daily candle as we see it now can be a bearish harami and reversal back to downwards movement.
5) Daily closure below the previous swing low 9300.
Bullish signs
1) Volume getting better, still far from what we want to see for bullish days
2) Strong support at 8300-8500
3) Stoch RSI and RSI are overbought and just start climbing up so still way to go up.
Conclusion i am remaining bearish and would like to see tomorrow daily closure to evaluate my positions. Don't forget your stop losses on any trade you will make.