Bitcoin rejects 6.8k and bearish momentum increases hmm?
Dear people out there. Its been a while since i have uploaded anything on tradingview and so i thought it would be a great idea to share my TA with you guys. Once again i want to point out that this is no financial advice and is mostly for education purpose only.
Bitcoin has shown it couldn't surpass the 6.8k which is kind of a siginificant price level. it has bounced right of with twoo major wigs and has eversince shown some increased momentum to the downside. Yet there is still no sign of a invalid head and shoulders pattern and are we still in a upward trend since we haven't dropped below the pink line yet.
On higher time frames such as the 4H we can see that we are below all ema's (20,50,100,200) and is known as a bearish sign. Now this does not mean we continue to go in bearmode, but it does show that price is likely to drop further. However there is still a support in play wich is around 6.1k that holds the inverted head and shoulder and could still have a huge impact on a bullish run up. I am honestly not trading right now and am currently waiting to buy myself in where the smart money is entering. I am simply going dollar cost average myself in since nobody is able to gues the bottom.
I hope my TA helps a little bit in how you can look at the market and will talk to you guys soon!
Best regards,
Sem
Bitcoin has shown it couldn't surpass the 6.8k which is kind of a siginificant price level. it has bounced right of with twoo major wigs and has eversince shown some increased momentum to the downside. Yet there is still no sign of a invalid head and shoulders pattern and are we still in a upward trend since we haven't dropped below the pink line yet.
On higher time frames such as the 4H we can see that we are below all ema's (20,50,100,200) and is known as a bearish sign. Now this does not mean we continue to go in bearmode, but it does show that price is likely to drop further. However there is still a support in play wich is around 6.1k that holds the inverted head and shoulder and could still have a huge impact on a bullish run up. I am honestly not trading right now and am currently waiting to buy myself in where the smart money is entering. I am simply going dollar cost average myself in since nobody is able to gues the bottom.
I hope my TA helps a little bit in how you can look at the market and will talk to you guys soon!
Best regards,
Sem
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