$BTC, ready to go down again?
Key levels
Short term
Supports—> S1: 8,100 & S2: 7,700
Resistances—> R1: 8,800 & R2: 9,300
Medium term
Supports—> S3: 7,300 & S4: 7,000
Resistances—> R3: 10,000 & R4: 11,000
Potential scenario
Bitcoin is slightly recovering after a fall of 17% that drove the price down to $7,700. However, we must be careful with the latest increases. Very likely, the price is performing a pull-back to R1 or R2 to thereafter continue its way down.
In a potential bearish scenario, we expect the price to go down to S2 and even S3 in the most bearish case. We only consider more bullish scenarios if the price goes above R2.
TA comment
As we said in the previous section, the price currently has larger bearish potential. Having shorting settings enabled will cover your Hopper from losses. It will place a sell order when the price of your cryptocurrencies are likely to decrease to buy them back when it recovers positive momentum.
Add sell indicators to your strategy and enable shorting settings to cover your hopper from losses in a bearish scenario!
Pattern
As we can see in the chart, the price touched R1 and was quickly rejected downwards. This large rejecting drove the price downwards and performed a very typical pattern, the Inverted Hammer.
An inverted hammer is a bearish reversal pattern. It is represented during an upwards trend and as a candle with a long upper wick and a short body at the bottom. Then, signalling sells.
Short term
Supports—> S1: 8,100 & S2: 7,700
Resistances—> R1: 8,800 & R2: 9,300
Medium term
Supports—> S3: 7,300 & S4: 7,000
Resistances—> R3: 10,000 & R4: 11,000
Potential scenario
Bitcoin is slightly recovering after a fall of 17% that drove the price down to $7,700. However, we must be careful with the latest increases. Very likely, the price is performing a pull-back to R1 or R2 to thereafter continue its way down.
In a potential bearish scenario, we expect the price to go down to S2 and even S3 in the most bearish case. We only consider more bullish scenarios if the price goes above R2.
TA comment
As we said in the previous section, the price currently has larger bearish potential. Having shorting settings enabled will cover your Hopper from losses. It will place a sell order when the price of your cryptocurrencies are likely to decrease to buy them back when it recovers positive momentum.
Add sell indicators to your strategy and enable shorting settings to cover your hopper from losses in a bearish scenario!
Pattern
As we can see in the chart, the price touched R1 and was quickly rejected downwards. This large rejecting drove the price downwards and performed a very typical pattern, the Inverted Hammer.
An inverted hammer is a bearish reversal pattern. It is represented during an upwards trend and as a candle with a long upper wick and a short body at the bottom. Then, signalling sells.
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