Following on from our last couple of posts where we posted short term Bitcoin shorts, we are approaching our target level of 40K.
We've mentioned previously that the main areas to look for reversal were the 40k and the 30k. As we're approaching the 40K now, there are a few things that have to come together in order for us to have a confirmed reversal.
We must:
- Show bullish reaction (strong daily bullish candle)
- Break the risk trendline (for risk entry - see below for risk entry chart)
- Break the descending trendline (for confirmation of reversal)
Only when we see those things happen, we can see a confirmed reversal.
Please remember that if we do break the 40k level, it is likely we'll see the 30k as mentioned in our previous post.
Risk trendline:
Higher timeframe analysis:
Let us know what you think! Goodluck.
We've mentioned previously that the main areas to look for reversal were the 40k and the 30k. As we're approaching the 40K now, there are a few things that have to come together in order for us to have a confirmed reversal.
We must:
- Show bullish reaction (strong daily bullish candle)
- Break the risk trendline (for risk entry - see below for risk entry chart)
- Break the descending trendline (for confirmation of reversal)
Only when we see those things happen, we can see a confirmed reversal.
Please remember that if we do break the 40k level, it is likely we'll see the 30k as mentioned in our previous post.
Risk trendline:
Higher timeframe analysis:
Let us know what you think! Goodluck.
