BTC: How We Can Trade Bitcoin - Revisiting Bearish Probabilities

2 באוק׳ 2020

Hello Traders.

With all of the unexpected events for this week, let alone year, we have to revisit some of the key analysis for our current price action. With all bias aside, and taking into probabilities in terms of market psychology, let's take the time to filter all of the noise from any external events and talk pure technicals.

Technicals:

1. We are trading within a larger DESCENDING bullish parallel channel, which can break out any moment; however, lower probability as of the moment. This is because we are witnessing too much resistance from 10.8-11K levels.
2. Possible bearish descending triangle at the time of writing.
3. Eventual breakdown from the 618 fib level would give us a MUCH higher probability of filling the CME Gap.
4. 200MA is creeping its way up, and a retest of this key support is crucial to Bitcoin's future.

We can start looking for short positions near the top of this triangle, within, or a confirmed breakout below. Anything above $11,000 would be considered invalidated.

Trade Safe.
X Force

If you guys are interested in a bullish analysis, please take the time to like the post and comment below with any criticisms or feedback!