BITCOIN Rejected by Previous Resistance A Pullback is needed
Updated
Bitcoin (Coinbase:BTCUSD) has just been rejected by 4030 resistance, the same story happened 8 days ago.
To challenge 4030 resistance again, a pullback is necessary, for the reasons:
A short trade on some altcoin with small amount may be amusing.
The target: 3970-3990
There is possibility that Bitcoin go for next bull run before a pullback, but at least, I would not Long at this time. In this case, when it is rejected again, another amount for short can be added.
DISCLAIMER
This is only a personal opinion and does NOT serve as investing NOR trading advice.
Please make their own decisions, carefully assess risks and be responsible for your own investing and trading activities.
To challenge 4030 resistance again, a pullback is necessary, for the reasons:
- Overbought (Yellow) in 1H time frame indicated by 9 Seasons Rainbow Indicator
- RSI Divergence in 1H time frame.
- Altcoins are becoming weaker than Bitcoin: LTC, EOS, etc.
A short trade on some altcoin with small amount may be amusing.
The target: 3970-3990
There is possibility that Bitcoin go for next bull run before a pullback, but at least, I would not Long at this time. In this case, when it is rejected again, another amount for short can be added.
DISCLAIMER
This is only a personal opinion and does NOT serve as investing NOR trading advice.
Please make their own decisions, carefully assess risks and be responsible for your own investing and trading activities.
Note
Pattern: Overbought in 1H (Yellow)
11 Bull,BullPullback (Red, Light Red) in all the other time frames
Bull is so strong that a single ribbon of overbought is far not enough to stop the Bull.
Need more levels of overbought(yellow) to against the Bull.
Note
And here overbought is in 1st ribbon, which is the shortest term of all the 12 time frames. If it is located in 3th, or 4th ribbon, Bear should be stronger.
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A Trading Indicator Artisan and JAVA Programmer, dedicated to enhancing traders' productivity.
A Trading Indicator Artisan and JAVA Programmer, dedicated to enhancing traders' productivity.
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