A few days of consolidation?... BTC is TIGHT!

23 Mei 2020

Welcome to my daily market update (23/05/20):
• So after we closed that CME gap which I showed on my TG for the past few days, today I opened the 4h again and it looks very interesting, BTC is way to pressured from all over, and any break could mean a very heavy one.
- We formed a triangle (symmetrical), this means we might be consolidating for a few more days, but be careful not to get caught out of guard. Because we are playing around the yellow S/R 9300 area. If the bulls don’t manage to show some strength (as they are weakening according to OBV) and go above it again, then game is over, we are rejected, we most likely gonna’ touch the bottom mid-term bullish trend line which has way too many sensitive spots already, and this means fatal!.

• Bearish:
- 4h 10sma crossed all the other indicators, this might mean that we are going to continue to fall, but since this is still a mid-term bull trend, it is more likely that it will re-cross them again, if price falls again below it then I do think we are going down hard.
- Another bullish company we have here is the 4h 200ema, and the price just keeps bouncing from it…my problem here is that most likely if we hit it for the 5th time it will crush.
- If we don’t get out of the 4h cloud again and go below it, this means bearish, this could mean a change of mid-term performance, and we might go to mid-term bearish trend.
- On the other hand
- We went below the 4h e21, if we can’t close above it fast, all this pressure will be too heavy of resistance and we will free dive.

• Bullish:
- The signs are still clear! We are still in the bullish trend within the channel.
- We are still riding the 4h e200.
- We are still bullish on all crosses on all the bigger TFs
- Sentimental aren’t that bad yet (40) but could get worst, remember: when everyone are panicking it is your buy signal, but let the panic first take an impact, you should see people at around 1-10 and see its toll on price before you do that:
alternative.me/crypto/fear-and-greed-index/?fbclid=IwAR00MtvVaioh0dsR_ZIBTbOSo6MPkjQ-ZQnJrlg2hg2KUJ0e_bUdkyJRfGU
- We are still above liquidity volume.
- Going above the cloud, means we will hit the triangle top part for the 5th time, which means most likely to break it up all the way to 10500 as first target.

• Conclusion:
- Going below the cloud (And rejecting the yellow S/R) + breaking that bullish channel (Which turns to bearish flag with a big correction momentum) => breaking the e200 (5th time) + breaking below the liquidity pool level => most likely to break the strong yellow support line (5th time) = > most likely change the mid-term bullish trend to a continuation of the big-term bearish trend (The descending broadening wedge which I showed you a few times on the weekly) with the first stop at the bottom of the daily cloud:

- Should remember 2 very crucial parts as well:
1. Hash rate fundamentals fucks the system (Drops, heavily, makes the system overloaded, and fees go higher): blockchain.com/charts/hash-rate
2. Retail traders net longs are higher then yesterday and then a week ago, while net shorts are lower then yesterday and lower then a week ago. This usually means that the price will move down because whales love to rekt the opposite of majority ;).
- Remember, your main focus should be always the mid-term trend (Which is mainly still bullish), you might as well not risk now and see if the mid-term trend changes... I'm personally as usual, just laddering short positions...

Yours, Hedgehog king - CryptoArena Supernova team.

Personal TG: t.me/hedgehogking
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