One of my favorite things to do is invert the charts to make all biases non-existent. Here we can see BTC is in a solid bear market (which on the inverted chart is a bull market).
BTC is still in a downtrend. Lets not forget the bigger picture. This is not to say that BTC can't create a reversal however as we see on this chart BTC is constantly making higher highs and higher lows (on the inverted chart) meaning that it is in a bullish inverted trend which is actually a bearish trend when the chart is facing the correct way. There has yet to be a lower high or lower low, meaning the current trend is very much still intact.
What worries me the most is the hidden bullish divergence (continuation pattern) on BTC. Price is making higher highs and higher lows however the RSI has made a lower low. This divergence signals a continued bull trend which, again, this is an inverted chart so it is actually bearish for BTC. This divergence exists on the Stoch, SRSI, OBV and I am sure most divergence oscillators. This is something to watch for and I am expecting a setback. First likely area is the 9400 area and the main support for BTC now (appears as resistance here) is the 8k area. I would not be surprised to see BTC retrace to the 8k area to then get on with its run toward all time highs again. I am watching the 9400 area, 8800 area and then the 8k area. I do not think we retrace for a double bottom all the way to 6k but we shall see.
Not financial advice, just posting my ideas. I currently sold at 10150 and am waiting for this retrace to play out in order to get ready for another bullish leg (which would be bearish on this inverted chart). Long-term I see BTC reachng north of 50k for the year so these are short-term trades.
BTC is still in a downtrend. Lets not forget the bigger picture. This is not to say that BTC can't create a reversal however as we see on this chart BTC is constantly making higher highs and higher lows (on the inverted chart) meaning that it is in a bullish inverted trend which is actually a bearish trend when the chart is facing the correct way. There has yet to be a lower high or lower low, meaning the current trend is very much still intact.
What worries me the most is the hidden bullish divergence (continuation pattern) on BTC. Price is making higher highs and higher lows however the RSI has made a lower low. This divergence signals a continued bull trend which, again, this is an inverted chart so it is actually bearish for BTC. This divergence exists on the Stoch, SRSI, OBV and I am sure most divergence oscillators. This is something to watch for and I am expecting a setback. First likely area is the 9400 area and the main support for BTC now (appears as resistance here) is the 8k area. I would not be surprised to see BTC retrace to the 8k area to then get on with its run toward all time highs again. I am watching the 9400 area, 8800 area and then the 8k area. I do not think we retrace for a double bottom all the way to 6k but we shall see.
Not financial advice, just posting my ideas. I currently sold at 10150 and am waiting for this retrace to play out in order to get ready for another bullish leg (which would be bearish on this inverted chart). Long-term I see BTC reachng north of 50k for the year so these are short-term trades.