BTC has not yet broken the lower uptrend line. It has bounced off it twice which is also around the 0.6 fib, which looks positive for now. The longer it tests this trend line the weaker it get and if the trend line and 0.6 fib is broken, then the next support is at $7736.
MACD is looking bearish. RSI is oversold, however, it's acting like the last time BTC dropped to $7k. So chances are that we might see another drop for BTC to $7736.
Just my opinion and not financial advise. DYOR.
MACD is looking bearish. RSI is oversold, however, it's acting like the last time BTC dropped to $7k. So chances are that we might see another drop for BTC to $7736.
Just my opinion and not financial advise. DYOR.
Trade active
Bitcoin Bear Flag spotted on 15 min chart $7736 very likely. Perfectly lands on 0.786 fib.Trade closed: target reached
Target of $7736 reached. Based on the trend seen so far, since we reached $6k we have seen higher lows even when we see a drop in price. It tends to float around the lower uptrend line. Based on this, it is likely that the price should now bounce back up. There is also a possibility for the price to drop to $7350 to create a double bottom which is a sure sign of market reversal. But the first scenario is more likely to happen.
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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.