MichaelHua
Short

SHORT: Lower BB Squeeze on 4h, likely breakdown

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Creating another short position here after 6k target reached. 5500 target. Very strong 4h bottom BB band breakout through the tightened squeeze. Breakdown on the 1D chart looks imminent with 5500 lower BB. Confirmation of the breakdown trend shown through low RSI , MFI , and volume levels. 1W outlook: lower BB hits 5100. Also compare also with ichimoku cloud . More than enough confirmation of the downtrend.

Comments

As of 2:40 pm, minor consolidation/selling of alt coins to BTC/as well as slowing the major short/sell. The downtrend is real and is hovering around the 6k/6.1k support line. I don't expect this support to last too long. RSI and MFI already in the 40s
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MichaelHua MichaelHua
Hammer forged on the day. Looking for volume spike to confirm potential reversal?
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MichaelHua MichaelHua
Stop lossed hit at 6200. Gonna assume the downtrend is continuing and reopen short position after the correction
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