Bitcoin Heading Down: But To Where?
Can't elaborate much in this post unfortunately as work is calling but I wanted to get a quick TA up here on the BTCUSD Daily. You can see from my first post the same trend lines were drawn a week ago now. They are still strong as ever and the daily candles have been respecting them.
I would love to hear some arguments toward this post but I don't believe BTC will be bullish anytime soon. You can see a reversal on the RSI, currently at 35, and trending down. We can also see that this bull trap the past two days is a strong indicator for a bear flag, which I outlined in orange. This bear flag is extremely similar to the flag shown days prior which drove the price down quite a bit from its peak.
Coupling the RSI reversal, the bear flag identified, and the trend lines which have held incredibly well, I don't see BTC bouncing or showing signs of a reversal until we reach the $6,450 area. Even then, as trustworthy as these trend lines have been, I don't see there being enough buying power present to reverse the trend. I can't speculate how low it will go as I haven't had the time to do TA to accurately measure that, but I have closed my positions and am awaiting BTC to, at the very least, reach this level.
I would love to hear some arguments toward this post but I don't believe BTC will be bullish anytime soon. You can see a reversal on the RSI, currently at 35, and trending down. We can also see that this bull trap the past two days is a strong indicator for a bear flag, which I outlined in orange. This bear flag is extremely similar to the flag shown days prior which drove the price down quite a bit from its peak.
Coupling the RSI reversal, the bear flag identified, and the trend lines which have held incredibly well, I don't see BTC bouncing or showing signs of a reversal until we reach the $6,450 area. Even then, as trustworthy as these trend lines have been, I don't see there being enough buying power present to reverse the trend. I can't speculate how low it will go as I haven't had the time to do TA to accurately measure that, but I have closed my positions and am awaiting BTC to, at the very least, reach this level.
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