Currently, according to the price action in the short-term timeframes, we can conclude that downward pressure is not done yet with BTC.
90Min:
The green line is shrouded by the white energy which is a bearish sign, and it has also made its way down 50. Plus, the cross we have with the red RSI confirms downward pressure. In case the blue LSMA is crossed downwards, the pressure might intensify. With the blue LSMA plateauing, the possibility of diving down is imminent which increases the odds of bollinger bands expanding, so the candles could beef up, showcasing longer bodies. If the red RSI changes its mind and approaches level 50 and revisits the levels below 50, things could get ugly for BTC, and some bleeding will be likely, especially if the red RSI and the blue LSMA cross each other downwards.
3H:
The 3H timeframe is a bearish tale told as evidently as possible. The green line is inside the white energy. If the green line goes through a nosedive, the cross it will face with the blue LSMA and the red RSI could unleash more downward pressure. The white energy faces exhaustion, and the red RSI doesn't seem to be able to push higher. in case it does, we could see some price hike; however, it wouldn't be strong. Thus, I assume a reversal seems unlikely. we also have a race between the red RSI in 6H and the white energy in 3H. with the red RSI running low on fuel in 6H, if the energy in 3H manages to close at 50 before the red RSI in 6H lands on 50, we could see further downward pressure. We'll see how it plays out.
6H:
The green line and the white energy are quite borderline, but it doesn't chip away at bearishness we are witnessing here. In case the red RSI levels off, the white energy above 50 could be short-lived and the green line could end up eyeing a move down. If we see a shake downwards, downward pressure will show its might better than ever.
12H:
This timeframe carries a bearish sentiment, none like any other. The energy is exhausted and moving downwards. The green line is moving down as well making for a perfect downward scenario when the white energy is done above 50 and visits the levels below 50. Then with the green line above the white energy and the red RSI and the blue LSMA making contact with the green line while descending, blood will be everywhere. if buyers don't manage to push the green line significantly in this timeframe which seems out of the question, sooner or later, we will have a bleeding market.
Manage your moves step by step with the market accordingly; let's not get ahead of ourselves and let our feelings manage our strategies. we might want the BTC to go up, but is it the right time for that. As a trader we must know how to profit off of the market moves.
90Min:
The green line is shrouded by the white energy which is a bearish sign, and it has also made its way down 50. Plus, the cross we have with the red RSI confirms downward pressure. In case the blue LSMA is crossed downwards, the pressure might intensify. With the blue LSMA plateauing, the possibility of diving down is imminent which increases the odds of bollinger bands expanding, so the candles could beef up, showcasing longer bodies. If the red RSI changes its mind and approaches level 50 and revisits the levels below 50, things could get ugly for BTC, and some bleeding will be likely, especially if the red RSI and the blue LSMA cross each other downwards.
3H:
The 3H timeframe is a bearish tale told as evidently as possible. The green line is inside the white energy. If the green line goes through a nosedive, the cross it will face with the blue LSMA and the red RSI could unleash more downward pressure. The white energy faces exhaustion, and the red RSI doesn't seem to be able to push higher. in case it does, we could see some price hike; however, it wouldn't be strong. Thus, I assume a reversal seems unlikely. we also have a race between the red RSI in 6H and the white energy in 3H. with the red RSI running low on fuel in 6H, if the energy in 3H manages to close at 50 before the red RSI in 6H lands on 50, we could see further downward pressure. We'll see how it plays out.
6H:
The green line and the white energy are quite borderline, but it doesn't chip away at bearishness we are witnessing here. In case the red RSI levels off, the white energy above 50 could be short-lived and the green line could end up eyeing a move down. If we see a shake downwards, downward pressure will show its might better than ever.
12H:
This timeframe carries a bearish sentiment, none like any other. The energy is exhausted and moving downwards. The green line is moving down as well making for a perfect downward scenario when the white energy is done above 50 and visits the levels below 50. Then with the green line above the white energy and the red RSI and the blue LSMA making contact with the green line while descending, blood will be everywhere. if buyers don't manage to push the green line significantly in this timeframe which seems out of the question, sooner or later, we will have a bleeding market.
Manage your moves step by step with the market accordingly; let's not get ahead of ourselves and let our feelings manage our strategies. we might want the BTC to go up, but is it the right time for that. As a trader we must know how to profit off of the market moves.
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More Downward Pressure on the Horizon
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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.
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.