The rising channel pointed out in smaller timeframes a few days back (here) is now clearly visible on a 4hr timeframe now as shown above. Probability states that this is a pattern that should break lower, however there are some other ideas that could push for a bearish sentiment in the market.
In the weekly chart above, we can see price is sitting in a FVG. This is yet another bearish idea, and more details on that can be seen in Garth’s post (here), where he shared this idea.
And if we zoom back in a little to the daily chart, we can see that there was a range high that has broken out (hence much of the bullish sentiment in the market). But, every breakout needs its retest and we are still waiting on that. Additionally, this breakout opened a nice FVG on the daily timeframe that aligns nicely with all of the other ideas shared above.
My plan for this is to begin entering into short positions on bitcoin (large capital, low leverage) with each push higher while we are in the rising channel and 1W FVG. This requires very good risk management and a detailed execution plan, but is how I plan to act on this bearish story.
The rising channel pointed out in smaller timeframes a few days back (here) is now clearly visible on a 4hr timeframe now as shown above. Probability states that this is a pattern that should break lower, however there are some other ideas that could push for a bearish sentiment in the market.
In the weekly chart above, we can see price is sitting in a FVG. This is yet another bearish idea, and more details on that can be seen in Garth’s post (here), where he shared this idea.
And if we zoom back in a little to the daily chart, we can see that there was a range high that has broken out (hence much of the bullish sentiment in the market). But, every breakout needs its retest and we are still waiting on that. Additionally, this breakout opened a nice FVG on the daily timeframe that aligns nicely with all of the other ideas shared above.
My plan for this is to begin entering into short positions on bitcoin (large capital, low leverage) with each push higher while we are in the rising channel and 1W FVG. This requires very good risk management and a detailed execution plan, but is how I plan to act on this bearish story.