Technically Bitcoin is still in a downtrend as we have just seen a lower high of $9400 being printed on the chart.
Bitcoin has recently been retracing against the main down trend. We appear to have seen the end of retracement.
We now have a confluence of resistance of upper trend line of main down trend and upper trend line main of H4 retracement channel. We also had a daily pin rejection around the $9400 mark, so I expect to see sellers to coming in from now or more accurately profit taking by the big boys in a new downtrend phase to follow.
Only a convincing close above $9500 and successful retest and rejection to the upside will invalidate this short idea
Bitcoin has recently been retracing against the main down trend. We appear to have seen the end of retracement.
We now have a confluence of resistance of upper trend line of main down trend and upper trend line main of H4 retracement channel. We also had a daily pin rejection around the $9400 mark, so I expect to see sellers to coming in from now or more accurately profit taking by the big boys in a new downtrend phase to follow.
Only a convincing close above $9500 and successful retest and rejection to the upside will invalidate this short idea
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