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Technical Analysis on Bitcoin: TD Sequential + Stochastic & the possible bearish continuation. Beware of this pattern! by aezakmi

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bitcoin · @aezakmi · (edited)
$2.58
Technical Analysis on Bitcoin: TD Sequential + Stochastic & the possible bearish continuation. Beware of this pattern!
## BTC/USD daily chart:

- the TD Sequential could complete the 9 step cycle and the selling alert will be triggered in this case 
- this short term bearish momentum is also confirmed by the Stochastic RSI, which is currently in the overbought area, with the blue line indicating a potential bearish cross
- Bitcoin is still in this bearish channel and we might reach the lower support line at ~5500$, followed by a bounce towards the 200 day MA (white)
 
<h3><sub>[Click here to enlarge the image](https://steemitimages.com/0x0/https://cdn.steemitimages.com/DQmSdGQdNc7pNGiqyabdi7S77NBxhLdQr1U9p3k7YjVr3V3/BTC%20TD%20seq%20&%20Stochastic.png)</sub></h3>![BTC TD seq & Stochastic.png](https://cdn.steemitimages.com/DQmSdGQdNc7pNGiqyabdi7S77NBxhLdQr1U9p3k7YjVr3V3/BTC%20TD%20seq%20&%20Stochastic.png)

### If the TD Sequential cycle completes and we have a touchdown at the 6200$ level, a further drop might happen, as shown below:

<h3><sub>[Click here to enlarge the image](https://steemitimages.com/0x0/https://cdn.steemitimages.com/DQmPBzDDNA3yz59jEcMEwTZeE1pifdfHPKvS5zGVPVhcDs9/bitcoin%20h&s.png)</sub></h3>![bitcoin h&s.png](https://cdn.steemitimages.com/DQmPBzDDNA3yz59jEcMEwTZeE1pifdfHPKvS5zGVPVhcDs9/bitcoin%20h&s.png)


## BTC/USD 4h chart:
- the price action formed a wedge pattern and if we consider this a falling wedge, it could break upwards (this is not a rule, could break either side)
- we also formed an ascending trend line on the RSI and it looks like we bounce when we touch it
- we had a bullish Tenkan cross this morning (blue above red) and the price & TK are trying to pass through the cloud
- however the cloud indicates a major resistance area with its thickness and there's a very little chance we might actually dilute it

<h3><sub>[Click here to enlarge the image](https://steemitimages.com/0x0/https://cdn.steemitimages.com/DQmUuHCzpZAkeDYCFSYqzz2fBBzN7tiUqbDjwWvGDUUrrKV/bitcoin%204h%20wedge.png)</sub></h3>![bitcoin 4h wedge.png](https://cdn.steemitimages.com/DQmUuHCzpZAkeDYCFSYqzz2fBBzN7tiUqbDjwWvGDUUrrKV/bitcoin%204h%20wedge.png)





<center>![steem --- line.png](https://cdn.steemitimages.com/DQmd5CjVzyCNTtwZb4dqToA1qPAF8hFWpjYHXpNDSL5LM2u/steem%20---%20line.png)</center>

<center>![mywolf.gif](https://cdn.steemitimages.com/DQmYdJxHtrns6waecoP7wLGCy9ToPPiygHWGq2jUmoBfnGk/mywolf.gif)</center>

### These are some of the exchanges I use:
<sub>*(you can support my work by registering via these links)*</sub>

- [Bitfinex](https://www.bitfinex.com/trading) - my most used exchange
- [Binance](https://www.binance.com/?ref=10893820) - most popular exchange
- [Kucoin](https://www.kucoin.com/#/?r=E2Yrch) - excellent exchange, rising in popularity
- [Gate](https://gate.io/signup/1674453) - for small cap / new coins
- [Huobi](https://www.hbg.com/en-us/topic/invited/?invite_code=rvws3) - margin trading

--- 

<center> **`ALWAYS CREATE A DIFFERENT PASSWORD FOR EACH EXCHANGE!`**
**` NEVER HAVE THE SAME PASSWORD TWICE! `**
**`SAVE THE PAGES TO YOUR BOOKMARKS, SO THAT YOU WON'T CLICK ON SCAM SITES! MANY GOT FOOLED AND LOST A LOT OF MONEY!`**</center>

<center>![steem --- line.png](https://cdn.steemitimages.com/DQmd5CjVzyCNTtwZb4dqToA1qPAF8hFWpjYHXpNDSL5LM2u/steem%20---%20line.png)</center>

## <center>**Thanks for reading and safe trading!**&#9996;	</center>
### <center>**If you find this post useful please:**</center>
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@babyino ·
$0.18
Great post mate
👍  ,
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@aezakmi · 
Thanks.
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@babyino ·
$0.18
### You're welcome
👍  ,
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@booster · 
<p>This post has received a 5.64 % upvote from @booster thanks to: @aezakmi.</p>
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@drotto · 
<p>This post has received a 3.13 % upvote from @drotto thanks to: @aezakmi.</p>
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@gor671 · (edited)
Drop bitkoin unlikely to 5500, you need to take into account the cost of mining, below the cost of its no one will not sell, it is not profitable.
👍  ,
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@aezakmi · 
You're absolutely right, but it is likely for the daily candle's wick to extend to that level and the candle to close at over 5800$.
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@gor671 · 
Maybe just wait
👍  
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@minnowhelper ·
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@resteembot · 
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@shaikfarru · 
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