Short

Possible Bad Scenario For Bitcoin.

Updated

Before we begin, I want to tell everyone that a death cross is near completion on daily chart, which would probably indicate bearish trend. If we look at the 4h chart, then we can see bear flags being formed, one after another. The price has failed to keep above the 50 blue EMA multiple times already, due to lack of support, which indicate failing bull attempt to go further upwards. If the price falls further, then I suspect a pull back between the dotted lines. A drop to the second red dotted line would probably indicate that Wave 5 is not complete. Short after the pullback, we should have a drop to Wave 5 point (around this area). This would probably mean that from February until now, we were in the correction pattern ABC all along. Other indicators that shows weakness in BTC are the volume, seriously, the lack of support is quite visible.

Extra: G20 summit will be taking place tomorrow, 19.3.2018. It will be interesting to see the impact, the news has on the price. Until then, I'll probably stay off the market and focus on my final thesis. Good luck.

Note

Blue line is 20 EMA, sorry*. Green 50 EMA (thick). As of now, price rejected, the thick green, 50 EMA.

UnknownUnicorn2350177

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.