Bitcoin Short-Term: Pattern Breakdown

17 Okt

The 4H timeframe can be considered short-term but it is a very strong timeframe. We are looking at Bitcoin.

We have a rising wedge pattern which is bearish.
The pattern broke down and we have several red candles.

The last session closed full green, sending out a bullish signal.
The current session negates the previous session producing a bearish engulfing pattern.
The negative of the previous green candle reinforces the bearish breakdown.

Trading volume is really high on both sides, but the biggest bar is red and it happened at the top of the pattern and wave.

These short-term signals point toward lower prices.

Namaste.