If there were only three indicators I was allowed to use to predict the market in the next few days, my thoughts are outlined as follow.
Short term: Bearish
The last black crow of the 3 black crows just closed on the daily candlestick where the double top formation is now confirmed. Only the Stochastic RSI looks promising but it has yet to hit rock bottom. Once that resets completely, depending on how much lower BTC is going to decline further, we should be able to see a reversal, hopefully, bullish one towards the all time high. For now, we have to keep our fingers crossed. For long term hodlers like me and many others on the street, let's pray.
*** Above analysis for educational purposes only.
Short term: Bearish
The last black crow of the 3 black crows just closed on the daily candlestick where the double top formation is now confirmed. Only the Stochastic RSI looks promising but it has yet to hit rock bottom. Once that resets completely, depending on how much lower BTC is going to decline further, we should be able to see a reversal, hopefully, bullish one towards the all time high. For now, we have to keep our fingers crossed. For long term hodlers like me and many others on the street, let's pray.
*** Above analysis for educational purposes only.
Note
1hr timeframeDouble top breached to the downside.
Breached 1:1 extension.
Next support 8500-8700
1.618 is the next major support at 7700. Please don't go there.
T_T
Note
*retracement* not extension.Note
I think the 'worst' (hopefully) case scenario is the double bottom and then pray very hard that the bulls find their feet.
“When all is said and done, the weather and love are the two elements about which one can never be sure.” and
BTC - three.― Alice Hoffman, Here on Earth
Note
9200 and we break down?
Note
Daily chart.Say if we do have to correct one last time, i see 7000 but i really hope I am wrong.
T_T
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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.