Before BTC goes up it will most probably go down.
- Hitting the top of the downtrend channel (red)
- RSI bearish divergence
- Volume is decreasing
- Head and shoulders
- Hitting the top of the downtrend channel (red)
- RSI bearish divergence
- Volume is decreasing
- Head and shoulders
Note
For the second downward arrow (?) to happen I'm expecting:- First, the H&S right shoulder to form
- Daily 50 SMA and Fib .236 struggle and fail to support (ideally with high volume)
- RSI to break the 47 which has been support for the past >5 months and become resistance
Expected target would be (around) the interception between:
- Middle of the downtrend channel (dashed & red)
- Fib .618
- Daily 200 SMA
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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.