technical analysis short setup for bitcoin today

[artdisrupt]

this technical analysis is done in zb.com exchange where l took chart .

bitcoin created a market structure of head an shoulder pattern.

the left shoulder was created on the 18th to 19th of December. which lead to consolidation .

A breakout of the consolidation hedge btc higher to print a fresh record high of $24282.

Bitcoin consolidated which formed the head pattern.

btc plunged yersterday and cool off the dump with another consolidation.

this created the Right pattern since price created higher low.
breaking the neckline at $22508 will lead to a probable sell off setup.

the chart below feature short entry, target and stop loss.



this is my bias on bitcoin today. you can share your opinion.

[passwordnow]

Alts were mostly affected this time. The plunge of bitcoin today was probably due to the covid 2.0 strains on UK which also made the stock markets plunge. Again, this will make other speculators to think that there's relation for bitcoin and stocks but sometimes it does and sometimes it doesn't.
In your analysis, if it goes $19700, are you going to follow that shorting price? because there's a possibility that it will be a continuous plummet because of the new problem that has been reported and the markets are reacting accordingly.

[Tytanowy Janusz]

Too much on one picture. There is no need to point 4 arrows at 1 line with "support", "neckline", "wait for price to break this level", "entry level for short after price this level". Also "left shoulder", "head", "right shoulder" is quite obvious after you have drawn 3 triangles - no need to write that.

Alts were mostly affected this time. The plunge of bitcoin today was probably due to the covid 2.0 strains on UK which also made the stock markets plunge. Again, this will make other speculators to think that there's relation for bitcoin and stocks but sometimes it does and sometimes it doesn't.
In your analysis, if it goes $19700, are you going to follow that shorting price? because there's a possibility that it will be a continuous plummet because of the new problem that has been reported and the markets are reacting accordingly.

Market (both bitcoin and SP500) are very strong after covid 2.0 news. Maybe investors are less willing to dump after fast recover after March dump (covid-19 panic sell).

We already broke resistance and set todays high at 23600$. Stoploss triggered?

[perla]

Too much on one picture. There is no need to point 4 arrows at 1 line with "support", "neckline", "wait for price to break this level", "entry level for short after price this level". Also "left shoulder", "head", "right shoulder" is quite obvious after you have drawn 3 triangles - no need to write that.

Alts were mostly affected this time. The plunge of bitcoin today was probably due to the covid 2.0 strains on UK which also made the stock markets plunge. Again, this will make other speculators to think that there's relation for bitcoin and stocks but sometimes it does and sometimes it doesn't.
In your analysis, if it goes $19700, are you going to follow that shorting price? because there's a possibility that it will be a continuous plummet because of the new problem that has been reported and the markets are reacting accordingly.

Market (both bitcoin and SP500) are very strong after covid 2.0 news. Maybe investors are less willing to dump after fast recover after March dump (covid-19 panic sell).

We already broke resistance and set todays high at 23600$. Stoploss triggered?

Yes that's true I'm not really good at trading but I understand some few about it and for me the information on the image is too much maybe you could just break that down and create multiple analysis individually anyways it seems like a good analysis.

[Tytanowy Janusz]

Yes that's true I'm not really good at trading but I understand some few about it and for me the information on the image is too much maybe you could just break that down and create multiple analysis individually anyways it seems like a good analysis.

Its not too much data on 1 chart. There is only 1 thing - head and shoulder formation. Don't know hot to put that on "multiple analysis individually". My point was that there is no need to write obvious things, or many synonyms for one word or same thing 2 times.
The analysis is correct - finding the formation, but the description is difficult to read due to the crowded elements.

[Sterbens]

It is true that in the image there are too many choices that will confuse us when we want to see clearly. the purpose may be to be more detailed, but not all of the analyzes described will help facilitate understanding. maybe just an arrow or two, and a simple text description. why is it simple? because it shows that you really understand, not plagiarize from other people's language and descriptions. should

[rhomelmabini]

It is true that in the image there are too many choices that will confuse us when we want to see clearly. the purpose may be to be more detailed, but not all of the analyzes described will help facilitate understanding. maybe just an arrow or two, and a simple text description. why is it simple? because it shows that you really understand, not plagiarize from other people's language and descriptions. should

Well, that's why it is called analysis, and what he presented here is a detailed one of the possible scenarios that may come up. It seems your response is where I've been confused of, you may want to improve that (no hurt feelings).

By the way, OP it's a good analysis and looks like we are in a dead cat bounce phase if that's what you implying, not bad I have got your idea. Thanks for sharing it. But breaking that right shoulder resistance looks like BTC is looking for a new high.

[artdisrupt]

Alts were mostly affected this time. The plunge of bitcoin today was probably due to the covid 2.0 strains on UK which also made the stock markets plunge. Again, this will make other speculators to think that there's relation for bitcoin and stocks but sometimes it does and sometimes it doesn't.
In your analysis, if it goes $19700, are you going to follow that shorting price? because there's a possibility that it will be a continuous plummet because of the new problem that has been reported and the markets are reacting accordingly.

what drive price action are fundamental impact news  from  one price level to another , looking at the chart from a 4-hour time frame perspective we could see multiple rejection at 22672. if the bears break this level , then my bias for short will be valid.

[passwordnow]

Alts were mostly affected this time. The plunge of bitcoin today was probably due to the covid 2.0 strains on UK which also made the stock markets plunge. Again, this will make other speculators to think that there's relation for bitcoin and stocks but sometimes it does and sometimes it doesn't.
In your analysis, if it goes $19700, are you going to follow that shorting price? because there's a possibility that it will be a continuous plummet because of the new problem that has been reported and the markets are reacting accordingly.

what drive price action are fundamental impact news  from  one price level to another , looking at the chart from a 4-hour time frame perspective we could see multiple rejection at 22672. if the bears break this level , then my bias for short will be valid.

It didn't broke the level that you have set and it's stronger this time. The stop loss that you're up to didn't triggered. The strains that was shown on UK didn't affect that much the market thus, bitcoin and its alts recovered so quickly.

Market (both bitcoin and SP500) are very strong after covid 2.0 news. Maybe investors are less willing to dump after fast recover after March dump (covid-19 panic sell).

We already broke resistance and set todays high at 23600$. Stoploss triggered?

You're right. It has made the dump showed just for a while and it recovered quickly. It was the Dow Jones that was seen in red last day.

[artdisrupt]

By the way, OP it's a good analysis and looks like we are in a dead cat bounce phase if that's what you implying, not bad I have got your idea. Thanks for sharing it. But breaking that right shoulder resistance looks like BTC is looking for a new high.

price haven't break the price level that was spotted but if does then we going down just like as you said we been in ''dead cat''. altcoins are already bleeding due to XRP lawsuit by SEC.

[pooya87]

price haven't break the price level that was spotted but if does then we going down just like as you said we been in ''dead cat''. altcoins are already bleeding due to XRP lawsuit by SEC.

That dump is mainly because this shitcoin was pumped hard recently and after each pump there is always an inevitable dump. Their issues with SEC is just speeding up the dump that could have happened at a slower speed without it.
Other shitcoins were dumping while bitcoin was rising but now many of them are being pumped since bitcoin price stabilized a little.

[logfiles]

price haven't break the price level that was spotted but if does then we going down just like as you said we been in ''dead cat''. altcoins are already bleeding due to XRP lawsuit by SEC.

This is a lie, no all alt coins are doing as bad as XRP. The price is now correcting after the recent airdrop pump and I kind of expect this to happen. Meanwhile, the Bitcoin dominance is also rapidly going up which explains why the other altcoins are slightly in the red.

[leea-1334]

Looks like another bounce is going to happen now as we approach the weekend. I have been noticing now buying dips at below 23k is happening (and which is why I believe even 20k will touch again at some point before 2021. Too much whales playing around in the market trying to make a sweet deal from it all.

[fauzan123]

By the way, OP it's a good analysis and looks like we are in a dead cat bounce phase if that's what you implying, not bad I have got your idea. Thanks for sharing it. But breaking that right shoulder resistance looks like BTC is looking for a new high.

price haven't break the price level that was spotted but if does then we going down just like as you said we been in ''dead cat''. altcoins are already bleeding due to XRP lawsuit by SEC.

I don't think it really has an impact on other altcoins, including bitcoin, because every coin has a different project and the concept of prospects is also different. If you look at the movement of XRP until now it has indeed fallen by 50% in a short time, but that does not make XRP to be destroyed.

Because it will always be there to suppress price movements before the pump returns, why is that? because it is an exchange concept that happens over and over again.

[Kelvinid]

Looks like another bounce is going to happen now as we approach the weekend. I have been noticing now buying dips at below 23k is happening (and which is why I believe even 20k will touch again at some point before 2021. Too much whales playing around in the market trying to make a sweet deal from it all.

Yet, they are also bullish this time unlike they do last Bullrun. I have no complaint about their trick(trap), in fact, investors and traders benefiting the current market flow. However, I won't be expecting that this will continue till in the middle of the next year 2021 that is why we shouldn't be confident enough that if we are investing today will it grow next year. If that we make some gains this time, we better have the sell-off coz it probably after these huge pumps, dumps will follow.