Hi Traders! Bitcoin short term forecast follow up and update is here. On August 28th, I shared this “Bitcoin Short Term Forecast And Technical Analysis” post in our blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the HomeTrader Club. Spoiler alert – free memberships are available!
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My Idea
On the H1 chart, currently, we have a strong bearish momentum and the price which is moving lower has broken below a strong support zone and is holding below it, we may consider this as evidence of bearish pressure. After the breakout, this strong support zone is acting as a strong resistance zone for us. Also, the price which is moving lower has created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as another evidence of bearish pressure. Generally, after a bearish trend pattern, we may expect corrections and then further continuation lower. Currently it looks like a correction is happening. Also, based on the Heikin Ashi candles we can see that currently, we have strong bearish bodies in downward moving market conditions so it basically reflects a bearish environment. In addition to this, the ADX indicator gave a bearish signal here at the cross of -DI (red line) versus +DI (green line) and the main signal line (silver line) reads value over 25 which we may consider as yet another evidence of bearish pressure. So the bottom line here is that, everything looks good here for the bears and I expect the price to move lower further in the short term after pullbacks until the strong resistance zone (marked in red) shown in the image below holds.
As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted to us and took the right action according to that.
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Happy Trading!
Arvinth Akash
Home Trader Club Team.
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