There is a lot of FUD in this moment and despair of speculator is not at the maximum. So there are not the conditions to the return of the bulls and the bear still have a lot of work.
I'm of the opinion that before to see bitcoin strong again it must come out of the attention of the whole world.
I still see a lot of bearish harmonic pattern in this descent but we maybe could find some lights. RSI seems shows a weak bullish divergence. MACD too.
We hit an important retracement line. In the 2 h charts there is a little tiny double bottom and we are at the lower side of the descending channel. This let me think that we could go a little be up in the next days opening to a possible inversed head and shoulder formation (ok head and shoulder should not work on cryptos)
We are on a short time frame and the bear momentum is on a really longer time frame. But let see what happen in the next days.
Be really carefull. If it break the channel on the downside it will open to an oversold phase and it would be really painful.
I'm of the opinion that before to see bitcoin strong again it must come out of the attention of the whole world.
I still see a lot of bearish harmonic pattern in this descent but we maybe could find some lights. RSI seems shows a weak bullish divergence. MACD too.
We hit an important retracement line. In the 2 h charts there is a little tiny double bottom and we are at the lower side of the descending channel. This let me think that we could go a little be up in the next days opening to a possible inversed head and shoulder formation (ok head and shoulder should not work on cryptos)
We are on a short time frame and the bear momentum is on a really longer time frame. But let see what happen in the next days.
Be really carefull. If it break the channel on the downside it will open to an oversold phase and it would be really painful.
Note
with retracement
Note
Note
tried again on a longer time frame
Note
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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.