Bitcoin rejection from daily red resistance , and 4 hr top bolinger. Let’s see if green support band on 4hr chart will hold decline, if it cannot holds decline than decline to the bottom bolinger on 4hr and daily will be next target to downside .
Do you see this recent surge as a fake impulse and still heading down?
Forexblade
⋅
@peterbhc, this is just sell set up. First retest of red resistance after strong decline.first retest of resistance after strong decline is ALWAYS good opportunity to sell.
Works the same way across all assets. Algorithms trades patterns, they have no emotions- they find patterns and execute. They don’t know high or low, they have no fear or greed. This is sell pattern today and they will execute it to sell. How deep I don’t know, but green support band on 4hr -were usually buy setups sitting.
The ones who trade on 4hr usually buying in green support. The ones who trade on daily usually sell from red resistance band on daily for retest of bottom bolinger. Different target levels for down side. But what makes it strong sell set up today that sell area confluences for both 4hr and daily.