Bearish On the Hourly Chart for BTC
It looks like Bitcoin has the potential for a bearish short today, if it is backed up by price action.
There is already a KT crossover, which is a weak bearish signal. So we're probably a quarter of the way there.
If we can get a crossover with the 10 and 50 week SMA that will add additional support to the argument. If price goes into the cloud, a third piece of support to the argument. Lastly, if the Chikou span can close below price action, and the price closes within the cloud then it would be a decent chance that it goes south on the hourly time frame.
There's also bearish divergence on each indicator listed. CumVol, UO and MFI.
Entry: Looks like there's decent resistance level around the 23750 mark, if it we get the 10 and 50 crossover and can get an entry around this level, I think it's a logical trade. Stop is depending on your leverage, I use quite a bit so I think a 24100 would be a decent one.
Target: Will likely test that 22600ish support level.
The SP has a bearish divergence as well on the CumVol, so that will add additional confirmation to the trade as well if it happens. Although I haven't backtested that indicator on the SP yet, so not sure about the probability.
Of course lastly, we would need a Span A and B crossover as the final confirmation. All that being said, this is against the trend and is in a Daily cloud. So at best it is a medium probability trade, although considering the risk reward I believe it's worth it.
There is already a KT crossover, which is a weak bearish signal. So we're probably a quarter of the way there.
If we can get a crossover with the 10 and 50 week SMA that will add additional support to the argument. If price goes into the cloud, a third piece of support to the argument. Lastly, if the Chikou span can close below price action, and the price closes within the cloud then it would be a decent chance that it goes south on the hourly time frame.
There's also bearish divergence on each indicator listed. CumVol, UO and MFI.
Entry: Looks like there's decent resistance level around the 23750 mark, if it we get the 10 and 50 crossover and can get an entry around this level, I think it's a logical trade. Stop is depending on your leverage, I use quite a bit so I think a 24100 would be a decent one.
Target: Will likely test that 22600ish support level.
The SP has a bearish divergence as well on the CumVol, so that will add additional confirmation to the trade as well if it happens. Although I haven't backtested that indicator on the SP yet, so not sure about the probability.
Of course lastly, we would need a Span A and B crossover as the final confirmation. All that being said, this is against the trend and is in a Daily cloud. So at best it is a medium probability trade, although considering the risk reward I believe it's worth it.
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