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Bitcoin Rejects 10K as Bears Take Control

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forexbrokr.
@forexbrokr
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Direct from the desk of Dane Williams.



After shorting the Bitcoin drop off the same 10K resistance zone already, price has since come back to retest the zone once more.

Take a look at the Bitcoin daily chart below and you can see what everyone on crypto social media was getting excited about.

BTC/USD Daily:

But you can also see why that excitement was shortlived.

A spectacular rip into resistance and an even more spectacular rejection as the bears took full control as soon as price poked its head above the zone.

The fact that the rejection was so hard and fast meant that it wasn't really the type of setup we can confidently trade using the strategy discussed here, but it's worth taking note of the zone none the less.

Frustrating as always to see the price of HIVE get dragged down with big daddy Bitcoin, but it is what it is.

We've seen Bitcoin daily candles that look bearish like this get gobbled up by the bulls before, so let's see if this was just another shakeout before they really take control.

Best of probabilities to you,

Dane.



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