The cross BTCUSD is still in a bear channel headed once again for 1st and 2nd support area.
As a further signal of the market being bear you can see how prices are trading lower than both 50 and 200 EMA.
The market is currently on wave 3 with a possible pullback to 9,5-10k area before hitting the second support at around 5,5k.
Overall I don't think anything above 12k is possible given such conditions.
As a further signal of the market being bear you can see how prices are trading lower than both 50 and 200 EMA.
The market is currently on wave 3 with a possible pullback to 9,5-10k area before hitting the second support at around 5,5k.
Overall I don't think anything above 12k is possible given such conditions.
Trade active
Note
Approaching the second support.Levels to watch, 5,7k-5,5k and 3,4k
Given the magnitude of the fall a pullback to 9-10k area seems unlikely.
Note
A possible retracement due to an H&S pattern may be developing as of now. Consider this a minor time-limited retracement. The H&S won't revert the pattern and, overall, the market keeps being bear. 9,0k-9,1k could be a feasible exit point
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Related publications
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.