Wednesday, July 15, 2020

BTCUSD Technical Analysis (06-04-19)

Progression. It’s often a word thrown around by many without the slightest clue what it means… so let’s talk about it! 

Yes; distribution, big resistance, rising wedge. We were looking for shorts yesterday and are now in the move we were looking for. 

But staying short is a challenge because it should pop back up to test 8739 area. Why? Dunno? That’s how double tops work. The price will generally pop after it’s lost support and finished forming an M, and then will come back up and test the apex of that M, before coming crashing down. 

I wouldn’t want to be shorting here, as bearish as this looks there are too many zones below here that could cause big pops. 
Speaking of pops, there is definitely room to play the pop off 7620, but ultimately I’d be looking to get back in short once we fail the apex of the double top . 

I’m marking this idea as neutral for this morning. 
I set an alert for 7640

Bearish progression by BTCNN on TradingView.com

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