As a result of the weekend, we have a "red Sunday" with the execution of the "Bearish Pennant" at the price of BTC. As mentioned yesterday, movements between the horizontal levels of $90,314 and $86,999 could be impulsive. Now an intermediate level of $89,628 has appeared.
The price of #BTC has reached the first target of the pattern at $88,377. Right on it. Today, the asset showed several signals of a probable reversal, but all of them were broken. The most striking example is a Strong signal of a potential low on the hourly timeframe. We decided to wait for an uptrend on the 5-minute timeframe and ultimately did not wait for it, and the price started to trade through the shadow of the potentially reversal candle.
As a result, the uptrend on the 5-minute timeframe appeared only in the evening and it did not inspire confidence (and, by the way, was broken). So far, buyers are clearly losing on the chart and therefore we are not in a hurry to close the short.
There are several signals that the correction will continue. Today, the price has entered a stable downtrend on the 4-, 5-, and 6-hour timeframes. Targets - on the screenshots. The furthest of them is at $85 221. Meanwhile, on the 6-hour timeframe, there are already three marks of potential lows, and two on the 7-hour timeframe.
Therefore, a rebound can be expected. But now, after today's signals of a stable trend, it is clearly too early to talk about a reversal. An important point - after today's three downtrends, there is only one uptrend LEFT on all timeframes - on the 7-hour timeframe.
We are considering the option to close the short position, BUT in order to return to the short at the presumed high of the rebound.
The strength of buyers is not visible, and so far there are no truly powerful extremes visible. Specifically for BTC, at least. Altcoins need to be reassessed on the 12-hour timeframe.
