Bitcoin [BTC] bulls record another failed attempt at a break-out. This time, forming a bearish candle in the process – a shooting star.
The selling pressure has been increasing consistently as we come close to a break-out. While bulls seemed to take charge earlier today, the price failed to break-out.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
On the four hour chart, the bulls protected the slump this morning. However, with the market leaning towards longs, it records a shooting star at 8: 00 hours on 15th Nov. The wick of the candle found resistance at the level of the cross. However, it failed to break-out.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
In the event of a bullish break-out, $8800 will act as the stop loss level.
On the daily chart, the price held on to support at $8500. Tone Vays suggests that, currently, the $8500 is the last stand for the bulls with the 50-period moving average. Nevertheless, there is some support, along with the volume profiles at $8200-8300, as well.
$BTC just had a death cross with the 50 and 200 EMA’s on the 4h chart while the majority of the market is long. I entered short following the death cross and have orders to add at resistance (red horizontals).
The bullish resistances, according to Sawcruhteez, are at $8750 and $8950. Nevertheless, the traders seem to be inclined towards longs as Bitcoin continues to hold $8500.