Bitcoin Below $5000 by July's end?
Rejection at 10k level at Daily 200MA and Weekly SAR is pushing the market low.
Each time the Daily SAR reverses we are seeing a downtrend lasting just under three weeks. SAR Reversal is also confirmed by MACD Bearish cross, if we see a MACD bearish cross in the next day or so the likelihood of the pattern repeating is increased. At the end of the downtrend we see a dead cat bounce that is just under two weeks long, prior lows were never reach/tested during the bounces.
This cycle has occurred twice, it looks like it is going to happen again pushing sub 5k by month's end.
If we get below 5.5k it'll be important to watch prices carefully to time closing shorts and entering potential longs.
Each time the Daily SAR reverses we are seeing a downtrend lasting just under three weeks. SAR Reversal is also confirmed by MACD Bearish cross, if we see a MACD bearish cross in the next day or so the likelihood of the pattern repeating is increased. At the end of the downtrend we see a dead cat bounce that is just under two weeks long, prior lows were never reach/tested during the bounces.
This cycle has occurred twice, it looks like it is going to happen again pushing sub 5k by month's end.
If we get below 5.5k it'll be important to watch prices carefully to time closing shorts and entering potential longs.
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.