Confirmation to go short.
Target - 64.5k
Know we confirmed to go short for previous analysis.
$BTC possibility shows bearish sentiment.
After hitting strong resistance BTC price is now reacting for the resistance pressure.
This reaction is either reaction before break or reaction to reverse.
In my point of view, it is reaction before break because as resistance is tested multiple times the selling pressure at level gets weaker so i expect the resistance level will be broken, but not for continuation it's for trap breakout traders.
If you are confused about the resistance which I'm talking about see my previous post. It's the resistance of falling channel.
The break of the resistance will take weeks, for now let's talk about the current market sentiment.
As i mentioned above this reaction for the resistance, will fall furthermore.
#1 The possible fall after Head and shoulder pattern.
price made H & S pattern at resistance level, which shows bearish market sentiment.
the break of the support will confirm the fall, see pic 1.
#2 The possible fall after Double top pattern.
price made double top pattern in addition to the break of neck line and price retested the neckline, which shows bearish market sentiment.
the break of support will confirm the fall, see pic 2
#3 Price made Cup with handle pattern at support level.
price made cup with handle pattern at current support level, which shows selling pressure is trying to pass the support, if the support broken seller take full control until they found another support level.
wait the breakout of the level, see pic 3
With above three conditions market sentiment shows bearish market, wait for the breakout of support then go short.
DKT view
I wish success for all of you.
After hitting strong resistance BTC price is now reacting for the resistance pressure.
This reaction is either reaction before break or reaction to reverse.
In my point of view, it is reaction before break because as resistance is tested multiple times the selling pressure at level gets weaker so i expect the resistance level will be broken, but not for continuation it's for trap breakout traders.
If you are confused about the resistance which I'm talking about see my previous post. It's the resistance of falling channel.
The break of the resistance will take weeks, for now let's talk about the current market sentiment.
As i mentioned above this reaction for the resistance, will fall furthermore.
#1 The possible fall after Head and shoulder pattern.
price made H & S pattern at resistance level, which shows bearish market sentiment.
the break of the support will confirm the fall, see pic 1.
#2 The possible fall after Double top pattern.
price made double top pattern in addition to the break of neck line and price retested the neckline, which shows bearish market sentiment.
the break of support will confirm the fall, see pic 2
#3 Price made Cup with handle pattern at support level.
price made cup with handle pattern at current support level, which shows selling pressure is trying to pass the support, if the support broken seller take full control until they found another support level.
wait the breakout of the level, see pic 3
With above three conditions market sentiment shows bearish market, wait for the breakout of support then go short.
DKT view
I wish success for all of you.
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BTC
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