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Bearish Patterns

BITCOIN LINE IN THE SAND BTC has lost the 1D 200 EMA for the first time this year which is a major TA trend Indicator. On the daily timeframe we can see a clean breakthrough below on the first touch since October of last year, which initially is surprising as this level is seen as key support for keeping a bullmarket going. Now that BTC has fallen under the moving average we've seen attempts at breaking back above for the last 3 days in a row, and with FED chair Powell set to testify today and tomorrow along with CPI &PPI on Thursday and Friday respectively. It's quite a FED heavy week with can bring volatility to the market. The ETH ETF is rumoured to begin trading next Monday (15th July) which could be the catalyst to get both BTC & ETH back above their 1D 200 EMA's. For now the general worry is that the selling pressure caused by the German Government and Mt. Gox is what is dragging price down. However, yesterday recorded a net inflow of $295m for the Bitcoin spot ETFs, the most in 21 days which suggest there are buyers looking to absorb those Bitcoins that are being offloaded. I am still a little confused as to why the German Government have decided to market sell through an exchange instead of any OTC transactions, perhaps it's a play to shake out weak hands and make retail panic? The FA is always complicated but I still believe that the bearish factors are more short term when compared to all the bullish more long term factors. Short term market selling vs long term supply shock caused by the halving, institutional investors and ETFs buying, US election and rate cuts. CPI & PPI can be volatile news events for the market, I think it could be one of these events that could be a catalyst to reclaim the 1D 200 EMA, we've seen a full reset of the RSI since the rally of earlier this year. Historically these are all good long term entry criteria.
BITSTAMP:BTCUSD
by ProR35
DOT DOT DOT DO YOU LIKE DOT?After a nice reaction from the Value Area low, we are trading at the POC. The areas I would look for a long would be a supply/demand flip of the POC targeting the Value Area High & Range High, or a retest of the Value Area Low After a sweep of the lows. Calculate Your Risk/Reward so you don't lose more than 1% of your account per trade. Every day the charts provide new information. You have to adjust or get REKT. Love it or hate it, hit that thumbs up and share your thoughts below! This is not financial advice. This is for educational purposes only.
by Navitility
Navigating BTC/USDT Bear Trends at Key $59,800 LevelAttention Traders, In today's trading session, we are closely monitoring BTC/USDT for a potential selling opportunity around the $59,800 zone. Currently, Bitcoin is exhibiting a downtrend, and it is in a correction phase. This phase is bringing it toward a significant support and resistance area at $59,800. Technical Analysis: Trend Analysis: Bitcoin has been trending downward for the past few sessions. The prevailing downtrend suggests a bearish market sentiment, with sellers maintaining control. The approach to the $59,800 zone is critical, as this area has previously acted as both support and resistance. Bear Flag Formation: On smaller timeframes, Bitcoin has formed a bear flag pattern, which is a continuation pattern indicating potential further declines. The price is currently approaching the upper boundary of this flag, which coincides with the downtrend resistance. Key Indicators: Moving Averages: The 50-day moving average is trending below the 200-day moving average, reinforcing the bearish outlook. Relative Strength Index (RSI): The RSI is hovering around the 40-50 range, suggesting a lack of bullish momentum and a potential for further downside. Volume: Recent trading volumes have been decreasing, indicating that the corrective rally lacks strength and could reverse upon hitting significant resistance. Trade safe, Joe.
Short
by JoeChampion
6
The Last Candle from the GOLD is the Hanging Man???Dear my Dragon Friends i saw the closing candle at this week with time frame Daily is "Hanging Man", that was means by monday we can see the reversal pattern (going down) our watchlist for down side is 2380-85 for the support if break we can get big pattern with Rising Wedge and will be going to 2280-2300. But if HOLD at this number 2380-85 we can see GOLD will Rise again and me Higher High will break all resistance and make new resistance again, may be 25XX... For now and this week i will try to trade sell and i will Buy next week. Lets See Happy Trading Disclaimer On
OANDA:XAUUSDShort
by EdyDragon