If you are a trader and have been hoping that Bitcoin would bounce, you probably have a nasty bloody nose right about now. It isn’t bouncing in the way you’d like it too.
And all of those posts from TA experts on Twitter talking about how impossible it is to make morning shorting the cryptocurrency…how’s that working out for you. Even the slightest bear market bounce for Bitcoin is met with ‘irrational exuberance’ from technical trade gurus who should know better.
Take a look at what our Rogue Trader sees from late last night/early morning on $BTC:
“Bitcoin hourly ‘Rogue Wave Pattern’ playing out correctly on the DOWNSIDE. Hourly candle ready to close below the breaking point. $BTC seeks the lower 6k level again. 4-hour chart MACD fully negative and bearish. Proceed with extreme caution. $BTC remains a ‘no play’, with the bear trend fully intact at the moment.”
That is a good summary of the price action right now. Unless there is some sort of catalyst that is currently invisible and about to drop from the crypto heavens, traders should hold fire for a while.
Take a look at the chart: