Bitcoin...Down??
Hi traders. As you can see from the chart, a head and shoulders pattern formed at the $6000 low. It's projection from the neckline is shown with the red dashed line. BTC has tried 3 times to penetrate this region with no success. MACD is trending back down and RSI is almost oversold. Volume is decreasing on average. All points to a downward move on the 1 hourly.
It is possibly a holding pattern until the end of chinese NY - 16th, or worse, a manipulated dip to give cheap pickings for them after the 16th - just watch for the fud news. All indications are that there will be a bullish move after then, before another dip soon after.
This is my first post and is not trading advice, purely information for you to gather another perspective to help you prosper.
Good luck
It is possibly a holding pattern until the end of chinese NY - 16th, or worse, a manipulated dip to give cheap pickings for them after the 16th - just watch for the fud news. All indications are that there will be a bullish move after then, before another dip soon after.
This is my first post and is not trading advice, purely information for you to gather another perspective to help you prosper.
Good luck
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.