BTCUSD analysis - 08 Dec 2020
BTCUSD price action is, as at today's analysis, starting to print an interesting (possible) double-top formation as price tether once agian between the 19K and 20K price range. Daily MACD has been in bearish territory since 26 Nov so it is very likely that a combination of the following will push price further down:
- buyers taking profits near the 19 - 20K mark, and
- sellers shorting at the all time highs
If this pattern is completed in the coming days, price is likely to retrace further to one of the previous (strong) level of support. As with double-top patterns, price is very likely than not to test the neckline of the M-pattern after then initial price drop.
I'm watching this play out.
In the long-term however, I'm very bullish on BTC. Long shall the bull 'gods' continue to bless longterm BTC holders :)
Stay safe folks.
- buyers taking profits near the 19 - 20K mark, and
- sellers shorting at the all time highs
If this pattern is completed in the coming days, price is likely to retrace further to one of the previous (strong) level of support. As with double-top patterns, price is very likely than not to test the neckline of the M-pattern after then initial price drop.
I'm watching this play out.
In the long-term however, I'm very bullish on BTC. Long shall the bull 'gods' continue to bless longterm BTC holders :)
Stay safe folks.
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