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Bitcoin has hit $12,400 and $11,100 inside the final two weeks however nonetheless, the price is range-bound. The vary being $12,500 to $10,850.
Since bitcoin’s faucet on the $11,500 low on August 5, the price has managed to type a bearish sample – rising wedge. Therefore, within the short-term bitcoin has a bearish outlook.
Bitcoin 1-hour chart
From the above, we will see a downward previous pattern earlier than the formation of the rising wedge. This and the rising wedge type a continuation sample, which suggests a downtrend is inevitable for bitcoin.
Add that to the already bearish nature of a rising wedge, it additional solidifies the short-term outlook. To additional assist the case for bears, there’s a bearish divergence between the price [that has formed a higher high] and the OBV [which has formed a lower high]. Due to this fact, opening a brief place for BTC could be the most effective factor to do right here.
The goal could be $11,110 which is roughly 4% from the present price. Leveraging the commerce may additional improve the income, nevertheless, that might additionally improve the danger. Therefore, particular care ought to be taken if the commerce is leveraged.
For now, stop-loss might be as excessive as $11,700 because the wicks have not too long ago hit $11,660 and the encircling space. This stop-loss would imply risking 1% of the preliminary capital, ought to the place liquidate.
On a better time-frame of 1-day, the present candle appears to suggest a reversal in pattern with a better excessive. Though this might flip to be a fakeout as the present candle continues to be but to be shut. Additionally, the price has witnessed a powerful resistance at this degree beforehand on July 27 and August 13.