*URGENT WARNING FOR BITCOIN!*
Bitcoin is attempting for the third week to close a weekly candle below the .618 Fib level. We are also trading below the EMA Ribbons which is a sign of weakness. The TD Sequential displayed a red 9 roughly a month ago which often indicates a bottom. This time the bottom was not found at that exact level. It was easy to spot by viewing the descending MFI.
Bitcoin is also trading in a large head and shoulders pattern which is a really bearish pattern. We also have a one-body weekly candlestick formation which is another bearish signal. If the week does not close above the previous week this pattern will be valid and the price of Bitcoin is most likely to plummet. The pain should stop at the .786 Fib level which is located at a large support level which is found at 29-24k.
Bitcoin is also trading below large VPVR nodes which means that we lost large critical levels of support. This can be seen by the decreasing buying volume and the increasing selling volume. The fact that buyers aren't stepping in at this price level indicates that further downside could be highly likely. The only bullish divergence found in this chart is the weekly MFI which is indicating a buy signal. I do not take this signal seriously due to the fact that other indicators do not support it. Therefore this bullish divergence on the MFI is less likely to play out.
If support is not mounted above the EMA Ribbons confirmed by volume and bullish divergence on the MFI Bitcoin is not bullish.
I am looking at 29-24k$ for BTC.
Best case scenario is a break of 40k which is less likely to occur.
*WARNING* This thread is not financial advice. I am not a financial advisor.
Thank you for reading.
Bitcoin is also trading in a large head and shoulders pattern which is a really bearish pattern. We also have a one-body weekly candlestick formation which is another bearish signal. If the week does not close above the previous week this pattern will be valid and the price of Bitcoin is most likely to plummet. The pain should stop at the .786 Fib level which is located at a large support level which is found at 29-24k.
Bitcoin is also trading below large VPVR nodes which means that we lost large critical levels of support. This can be seen by the decreasing buying volume and the increasing selling volume. The fact that buyers aren't stepping in at this price level indicates that further downside could be highly likely. The only bullish divergence found in this chart is the weekly MFI which is indicating a buy signal. I do not take this signal seriously due to the fact that other indicators do not support it. Therefore this bullish divergence on the MFI is less likely to play out.
If support is not mounted above the EMA Ribbons confirmed by volume and bullish divergence on the MFI Bitcoin is not bullish.
I am looking at 29-24k$ for BTC.
Best case scenario is a break of 40k which is less likely to occur.
*WARNING* This thread is not financial advice. I am not a financial advisor.
Thank you for reading.
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.