it is likely that the past few days’ price appreciation is but short coverings. Noticing that there is a clear failure to march past $9000 since volumes are low and half below March 11 bear spike. I recommend shorts in lower time frames with targets at $6800 in the short term.
(Weekly)
If i have to simplify, then i would say btc is moving within a 6000 range defined by february 18 high and low. Now, after periods of consolidation between those two highs, what stands out for me is the week ending february 4 candle which asserts the bear trend and week ending april 1 stick confirming this assertion.
So,with this in mind and the fact that the general trend is bearish, selling on resistances or retests would be better to aligning trades with the trend.from this technical development, our first level of support is at 7800. any break below that means our 6000 target is likely to be hit. T
this would be case especially if there are high volumes accompanying a consolidation bear break out.
I would be very careful with shorting crypto, and especially BTC.
I would be even more careful recommending it to others without proper disclaimers and accompanying explanations about how dangerous shorting is to begin with.
From a strictly TA standpoint, I agree that 7800 is good support, and shorting at current levels looking for that as a target is like trying to pick up dimes in front of a steamroller. I certainly wouldn't say that a break of that means 6000 is likely either. I'd see a bear trap as being more likely if that were to happen. But that's what makes a market.
By the way, you got your charts mixed up (you can still edit your posts to fix that).
Cheers
@cryptographic, Sorry for mixed up. i added the charts later. So, messed up when selecting them. I did not check after that.
And as for your Reply- First, it is just my own hunch about the market. So, I am not recommending to anyone to follow. I shared, just the possibilities. Nothing else. When, i looked at the chart, and was going through the previous data, I came up with this. because, without any question, everyone or atleast most of the trader will recommend for long move. But, market is also place of uncertaintities. So, people also have to consider this too. I have found several positive indication of the long, but i did not share them with you guys,because most of the comments are suggesting go for long. So, i just put the other alternatives on the table, for just in case, be careful.
Sorry, again for the messing up or if i could not clear my point of view. I corrected my wrong. It's always been pleasure to argue or have conversation about these, with someone likes you. It also clear my concepts too. Thanks, have a good day.
(daily)
like the weekly chart,btc prices are still trading inside a range but with a bearish skew.those lower lows and most importantly the reaction from 6000.that is important my attention is May 11 candle.trade volumes are high relative to previous days and there is a mid-range push below 10000-a region of minor support. follow through bull candlesticks have been short on volumes. On may15 we saw relatively high volumes confirming the bear pin bar at $9000.
aggressive traders can short now while aiming for 7800 and $6600.on the other hand conservatives can stay out of this trade and watch till prices are out of this consolidation.
I am putting both long term view on the table, it is up to you to decide.