Bitcoin at a possible Bearish engulfment
We have seen Bitcoin breaking (as expected) the 10.000$ psychological resistance, and testing a volume resistance at 10.150$ without succeeding to break out.
In the past hours a flash dump happened with lots of Bitcoins being sold at Market Price, causing a flash dump of the price. There are usually two possibilities: Bear Trap, or anticipation of the next move. IMHO if it was a Bear Trap, price should be already running up again, but we are still in a bearish phase on lower timeframes.
If the daily candle closes below 9900$ we will see a Bearish ingulfment.
RSI is still largely overbought and the ATR is flat, but not 100% flat and that may forecast a next big movement.
Ichimoku Tenkan can act as a support for the price but we are in a zone with few indicators from the current bull run, so we should set our cardinal points on the previous bull run (summer 2019)
In the past hours a flash dump happened with lots of Bitcoins being sold at Market Price, causing a flash dump of the price. There are usually two possibilities: Bear Trap, or anticipation of the next move. IMHO if it was a Bear Trap, price should be already running up again, but we are still in a bearish phase on lower timeframes.
If the daily candle closes below 9900$ we will see a Bearish ingulfment.
RSI is still largely overbought and the ATR is flat, but not 100% flat and that may forecast a next big movement.
Ichimoku Tenkan can act as a support for the price but we are in a zone with few indicators from the current bull run, so we should set our cardinal points on the previous bull run (summer 2019)
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