Bearish Trend is Becoming More Powerful & Taking Over Control 🐻

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Minutes left before the halving. Here is everything you need

Happy Halving❤️

https://www.tradingview.com/x/NVPyJ9RH/

Bitcoin : Halving and the perspective of parallelity

Hello all, today is a very special day for bitcoin especially. Because today is the event that take place of every 4 years in the crypto space. This event called the halving. The halving of bitcoin is the event that take place to cut half of the miner's reward. This is however will give both direct and indirect effect for bitcoin's price.

On current chart work, I will try to cover the bitcoin's current condition. Based on current condition, the price is still trending inside the up trend channel. Although the price has already broken down the median line of the channel, but still the lower line which acts as a support trend line hasn't been broken down by the price.

The other thing that is important is at the RSI and MACD on this 4 hours chart. The RSI is trending with a combination pattern of lower high and lower low which leads the RSI to enter the bearish zone which is below the 40 level. Similar with the MACD, the histogram is having a hard time to claim back the positive side which represent that the bear is in control of current structure.

With all of this thing that I found, I prefer to open a short position when the price breaks down of the lower line of the channel. Because with all the oscillator indicator which indicate the bears are still in control, there will be a perfect condition if the price breaks down of the lower line of the channel. The risk will remains low with a high probability of return if the short can be confirmed.

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Very simple chart once again on the 4H. Price is facing resistance at $8920, a 4H close below this level consistently means a trip down to $8075. A good setup would be a short here and stop loss above $9150 for aggressive or wait for this 4H candle to close below again to enter the short. A close above $8920 means we're looking at $9200.

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

#BTC_Update ‼️

Possible Scenario ☝️
Only if Holds $8800 Support Level.

I've Been Calling $9260 as an Important Resistance Level That Bitcoin Needs To Test Before Going For Correction.
And Now Since it's That Close To it,
I'm Expecting BTC To Test Out The Resistance.

$ENJUSD MacroView

#BCH/USDT (Binance Futures)

LONG
Leverage : 10x

Entry : $235 - $233.50
TP(s) : $237.4 | $239.6 | $242 | $244.3 | $246.7
Wide Range : $250 | $253.7

StopLoss : $230.90
(Risky_Trade)

So, Those Who Followed Our BTC Analysis...
Congratulations For Your Profits.

That's About +64% ROI
Even With 10× Leverage
Cheers 🍸

#BCH/USDT
Long Call Was Shared Here...

Price Hits $235.20
(Almost To Entry Price)
& Then Reached $242
Targets 1, 2 & 3 Achieved ✅
Huge 29% Profit 🍸

#BTC/USDT (Binance Futures) ‼️

SHORT
Leverage : 5x / 10x

Entry : $9520 - $9600
TP(s) : $9430 | $9330 | $9240 | $9140 | $9050 | $8950

StopLoss : $9764

BTC/USDT is The Only Pair That is Playing Dirty Here.
Created Another HH in Lower Frames,
Rest Other USDT Pairs Are Dumping...

Let's Bet On Bears 🙌

This is beyond scary

https://www.tradingview.com/x/I9QhaYVP/

Ethereum play is still valid! Give my baby boy a move!

If we talk about which crypto asset which has the most correlation with bitcoin, it will be very ignorant to me to not answer Ethereum. Yes, Ethereum is having a positive correlation with bitcoin and it's highly correlated to it. Like you can see on the last 2 days when bitcoin has its bounce with 10% up from the local bottom, Ethereum is doing the exact same thing with the 16% from its local bottom. And because bitcoin is having its bullish momentum on play, here we must expect the same thing on Ethereum.

I'm not just looking from the correlation perspective. But, on its chart work too. The technical analysis is showing us the same thing and funny that I've waited for this pattern since May 6th. Looking at the pattern, the major parallel channel here is the white up trend channel and it hasn't been broken down even when the price was at its bearish pressure on May 10th. There are several action from the previous performance that had the same bull flag pattern with today's bull flag pattern and it's all ended up with the spike of going up!

Now, if we look at the RSI, it moves perfectly to above the 60 level which is the shifting area from the neutral to bullish momentum in play. So, there is still a high probability for the price to test the higher zone of resistance and I have my conservative target on $240 if the price can breaks out of the upper line of the flag.

Played out beautifully.

It's time you pin our channel to the top and turn on notifications

https://charts.cointrader.pro/snapshot/9f1sJ

Here is my specific reasons why I can't be so ignorant with the potential bearish push in the future for long term especially.

1. Currently the pric is still trending at the grey region which was a support back at July 2019. It was a strong support and considering this fact, this current region is becoming a resistance now.
2. Even if the price can breaks out of current grey region, there is still a huge resistance above which is the blue region that the price needs to breaks. With current movement if we compare to the RSI indicator, there is still a bearish hidden divergence in play. That's why breaks out of the blue region will invalidate the hidden divergence scenario.
3. MACD histogram is still trending at the negative side and there is a death cross on the MA on MACD indicator.

In summary, There is still a potential movement to go to the upside for short term. But for mid and long term will be a tricky one. There is a good fundamental but the Technical is not as good as it looks.

⚠️ Reminder :

Today, (Saturday) CME Has Closed,
Closing Price : $9295
Low : $9170
So Any Big Movement Will Print Another Gap.

#BTC_Update ‼️

Bitcoin is Facing Lot's Of Resistance On it's Way.
DownTrend Resistance
Followed By, TrendLine Resistance.

These Resistance(s) Needs To Be Brokenout Or Else,
Bitcoin Would Test $9050 Support Area.

Fingers Crossed 🤞

#BTC/USDT (4Hr) ⚠️

Bitcoin Has Successfully Brokeout On 4Hr Time Frame
Now, Let's See if it Holds On Re-Test.