Where is BTC headed?
Updated
It's been about 4 months since I last posted something so here are my thoughts on Bitcoin.
Despite all the good fundamentals it's been receiving, I'm still bearish on Bitcoin till it reaches the 20k support.
I believe like technicals matter more in this case than fundamentals and looking at the chart, it looks completely bearish to me.
We have RSI looking to cross the 50 line downwards in a downtrend which is a bearish signal. Candles are on resistance and if candles close there, it'll be a confirmed double top and could mean more downside.
I can't show on one post but on the weekly chart we're forming a head and shoulders and on the 4 hour the conversion line is far above the base line indicating that market is overbought.
Ichimoku cloud is also pretty thicc which means momentum is strong here.
All of these are indications of a bear move but of course, anything can happen so let me know your thoughts in the comments.
Disclaimer: This is my personal opinion and is not to be taken as financial advice.
Despite all the good fundamentals it's been receiving, I'm still bearish on Bitcoin till it reaches the 20k support.
I believe like technicals matter more in this case than fundamentals and looking at the chart, it looks completely bearish to me.
We have RSI looking to cross the 50 line downwards in a downtrend which is a bearish signal. Candles are on resistance and if candles close there, it'll be a confirmed double top and could mean more downside.
I can't show on one post but on the weekly chart we're forming a head and shoulders and on the 4 hour the conversion line is far above the base line indicating that market is overbought.
Ichimoku cloud is also pretty thicc which means momentum is strong here.
All of these are indications of a bear move but of course, anything can happen so let me know your thoughts in the comments.
Disclaimer: This is my personal opinion and is not to be taken as financial advice.
Note
TP hit. May look to open another swing in the 36400-36500 range since I am expecting more dump.
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.