Bearish Reversal in progress. Strong Short.

11 Jul 2018

BTCUSD firmly broke the 5H SMA100 = 6,406.60 support yesterday on a very bearish Three Black Crows candle sequence (RSI = 31.207, Highs/Lows = -230.1316, B/BP = -326.4320). 5H turned, as expected, into a bearish reversal pattern, with no support on any MA period (MACD = -58.600). As discussed yesterday, 1D has now seen consecutive rejections on the 6,820 - 6,897 (June 11) Resistance zone, solidifying the long term downtrend on Bitcoin (1D now only neutral on stochastics). Still short, following only the 1W Channel Down to identify entry/ exit points, modeled after the 2014/ 2015 bear cycle. The weekend target is near (6,142.60) with the ultimate TP = 5,617.40 (1W EMA100) on two short BTC positions.