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)

_{Click here to enlarge the image}

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

_{Click here to enlarge the image}

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

_{Click here to enlarge the image}

These are some of the exchanges I use:

_{(you can support my work by registering via these links)}

• Bitfinex - my most used exchange
• Binance - most popular exchange
• Kucoin - excellent exchange, rising in popularity
• Gate - for small cap / new coins
• Huobi - margin trading

---

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!

Thanks for reading and safe trading!✌

If you find this post useful please: