Potential short trade for bitcoin.
The green resistance line has been respected in the past which indicates a potential drop in pricing.
Confluences:
-RSI exceeds the 70 level showing that it is most likely to come back down.
-2 long wick candles at the green resistance level.
- a large bearish engulfing candle followed by...
-... a retest and a rejection.
-when scaled down to the 4 hour time frame the candles crossed the 8 MA ensuring following candles stay below it.
In the past when price tested that level it went back down to the support level as a very powerful bearish trend.
Confluences:
-RSI exceeds the 70 level showing that it is most likely to come back down.
-2 long wick candles at the green resistance level.
- a large bearish engulfing candle followed by...
-... a retest and a rejection.
-when scaled down to the 4 hour time frame the candles crossed the 8 MA ensuring following candles stay below it.
In the past when price tested that level it went back down to the support level as a very powerful bearish trend.
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