Possible change in macro bull trend by the end of this week?

BTC has been on a bull run for the past few months. That candle from 9.4k utterly destroyed any bull hopes i had left.

Currently the 4h has tested the 8.2k resistance which has held well.

The weekly RSI 50 level currently stands broken. If the trend is strong it oughta continue much lower without testing 9.4k again.

Short 8.2k , manage trade on lower time frames for a bit till btc puts some distance from this level.

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A 4h candle closing above 8.3k would invalidate trade idea on the short term, But on the long term candles need to start going above 9.4k. So manage trade at 8.2k-8.3k area.

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A clearer view of the weekly RSI's history. Green is bull market area, red is start of bear market. This could possibly end up start of another bear run depending on where btc closes the weekly.

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Also note that the 4h RSI has some sort of bullish divergence going, so don't be surprised by a rally. Thats why its wise to manage risk at 8.2k based on a 4h candle close at that level. If the 4h takes out 9.4k area, Then this SHORT idea is invalidated. Till then, Look for opportunities to short. Of course this entire idea is written with the assumption btc closes the weekly below 8.2k.

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Temporarily out of short, Waiting to see where this 4h closes.

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Trade idea cancelled close above resistance, price is going higher, current price as i write this is 8285

Order cancelled

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Not ruling this out a fakeout tbf, If price closes below 8.2k again i might go short, but for now out of all trades.

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Close below 8200 again for me to be bearish. For now out...Cant risk a wick to 8800 here.

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u cud risk a long here. but i am not longing this market at all till it goes above 9.5

Trade active

Not impressed with this break out to be frank. Re-entering short based on the daily close.

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Re entered short at 8270. will manage based on the above idea,(last 4h candle close, and the daily close.)

Trade closed: stop reached

out of trade 8250 for now..Waiting for daily close before entering any position.

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Most important daily level atm.

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