Hello all
It seems that we now have an overwhelming amount of bearish indications occurring on the charts at this moment. BTC is in a rising consolidation pattern after a major move down, stalling at a critical support turned resistance. We can also see that price was rejected from the 0.5 fibonacci retrace and has not been able to close above the 0.382 since then. The pattern we fell from was a descending broadening wedge, and price has now come to back test before making another move down.
RISING CONSOLIDATION AFTER A MAJOR MOVE UP IS GENERALLY BEARISH.
POTENTIALLY A BEAR FLAG ON THE 1D CHART
IF THE TRADITIONAL MARKET MAKES A MAJOR MOVE TO THE DOWNSIDE THIS COMING WEEK BTC MIGHT NOT HOLD UP.
THE BULLISH SCENARIO...
Not financial advice.
It seems that we now have an overwhelming amount of bearish indications occurring on the charts at this moment. BTC is in a rising consolidation pattern after a major move down, stalling at a critical support turned resistance. We can also see that price was rejected from the 0.5 fibonacci retrace and has not been able to close above the 0.382 since then. The pattern we fell from was a descending broadening wedge, and price has now come to back test before making another move down.
RISING CONSOLIDATION AFTER A MAJOR MOVE UP IS GENERALLY BEARISH.
POTENTIALLY A BEAR FLAG ON THE 1D CHART
IF THE TRADITIONAL MARKET MAKES A MAJOR MOVE TO THE DOWNSIDE THIS COMING WEEK BTC MIGHT NOT HOLD UP.
THE BULLISH SCENARIO...
Not financial advice.
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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.