Bitcoin – extreme weakness

30.07.2022 12:52 pm

Hello, everyone!

Last time I shared the short setup which was perfect but unsuccessful. It is the market and everything is possible. Despite the tight stop loss on this trade my tradevesting part of deposit doing pretty well, I am testing now the new strategy and after 3 months I will give you my feedback.

What about the Bitcoin now? Let’s take a look at the 4h timeframe BTCUSDT chart of the WhiteBit exchange. The price is still trying to break through the upper band, but the candles look really weak. I can interpret it as a lack of demand. The price is staying at this level only because there are no huge sellers right here, but if they come, the price will drop rapidly. The most positive scenario which I can see right now id the pump to the $27k, where the 4h supply zone is located. This scenario has low probability, but for this case I have 10% of deposit in crypto.

The most realistic scenario now is the creating the bearish divergence with the MACD with the another one leg up to collect liquidity. In every case the huge dump is coming and the bear market is not over yet.

Good luck!

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