BTC Daily Technical analysis: The Bears are Back! will they have the momentum this time?

BTC Daily Technical analysis: The Bears are Back! will they have the momentum this time?


 

Bullish channel  forming on the S&P 500 via higher highs and higher lows, with full of liquidity in the south via Long stops.

On the same level in which we are, in the past we made a bullish channel followed by the confirmation of the Bear flag.

Will we break down the channel this time also? or will the short-term bullish trend continue? 

https://www.tradingview.com/x/aJwDNBm7/ 

 

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I opened a short position yesterday aggressively for 2 major reasons:

1- The candle with the long wick on the S&P 500 after rejection of the resistance.
https://www.publish0x.com/the-king-of-crypto/bearish-double-divergence-on-btc-and-the-s-and-p-500-to-watc-xlqzgjg 

2- The news: US government declares monkey pox a public health emergency
https://www.ctvnews.ca/health/biden-administration-declares-the-monkeypox-outbreak-a-public-health-emergency-1.6014563 

I will add more positions to the short on the breakout by several levels:
- The key support level at 4090 on the S&P 500.
- On the BTC at: 22940$ / 22600$ / 22440$ / 21200$ / 20700$ / 19300$

The invalidation of the short will be with a close above $23840 on BTC and also 4175 on the S&P 500

https://www.tradingview.com/x/P3b12JCV/ 

 

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FreedomBuilder
FreedomBuilder

Crypto investor, trader & holder, looking for to build my freedom with the Blockchain technology.


Trading The King of Crypto
Trading The King of Crypto

Technical analysis of bitcoin and the crypto market. - Cryptos are correlated to BTC. - BTC is correlated to the S&P500 - The S&P500 is the largest US market, it can be called the Bitcoin of the stock market. If we can follow the BTC price action we will be able to follow all the other crypto projects, when to buy and When to sell???

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