Bitcoin heading to 20K??
Bitcoin took a hit today like alts did and we have rallied a little bit back up but i am not convinced the drop is over but thats my opinion. We seem to be getting stuck underneath the downtrend resistance coming from our ATH. We are looking a bit positive for our daily close coming up soon jumping back up from underneath the 0 FIB level. The MACD is holding up a little but we are still pointing down heavy and we would need a full reversal to start seeing some real upside. What concerns me the most is the SMA Death Cross of course, the bollinger bands and the EMA ribbons. We are riding the bottom bollinger band with our candles and if we keep it up like mentioned in recent TA's we will likely see heavier downside. The EMA ribbons aswell, are really almost fully flipped bearish and if we start to see separation in the ribbons with red on top the longer we are away from seeing a real uptrend and reversal, i say this because these ribbons don't flip over night as you can see looking to the left it takes quite some time and that's why we have to watch these. Now looking at support levels, the 0 FIB is getting weaker everytime we wick past it or onto it and once that breaks we are looking at 27.5K which is honestly pretty weak, but there is a chance we bounce off as we haven't seen it in quite awhile, but that depends if this very bearish momentum gains more steam. After that we see 20K aprx which is the next major support we have, we do have weaker supports in between but i would doubt they last very long with this downside pressure. Not to concerned though i view crypto as a longer term game and i don't mind when situations like this happens as i usually pick up more, not just BTC but some of my favourite alts aswell! Not financial advice just my opinion ps. If you have a plan stick to it and dont let emotions mix up your thought process causing you to make poor decisions!
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.