TradingView
praveensam001
May 8, 2019 2:59 AM

BTC Update 08-May-19 Short

Bitcoin / U.S. dollarBitstamp

Description

In my
, I mentioned "Spinning Top Bearish Trend Reversal Candle" appeared in 4h chart.
Now it's supported by "Inverted Hammer Bearish Trend Reversal Candle" in 1D chart.

Technical Observations below.

------------------------ Price Action -------------------------
1. Channel Complete with ABCDE Wave Pattern
2. Price Action must come out of the Channel
3. Bearish Inverted Hammer Candle appeared
4. Huge RSI Bearish Divergence

------------------------ Conclusion --------------------------
1. Price Action will leave channel bearish.

------------------------ What If ------------------------------
#. Price Action leaves channel bullish.
1. It should be a Fake Out.
2. The trend reversal should be inevitable.
----------------------------------------------------------------

For more updates, follow me here.
~RPS~

Trade closed: stop reached

Left the channel bullish, which should be a fake out when the price will not go above 7000. It will come back into the channel again.
More