BitcoinShort
Short-Term Bearish, Further Consolidation
After a 30% correction, we see a reversal and continued market consolidation with Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
On the 4hr chart, several indicators point that we may be headed for a short-term bearish reversal which may be a good buy opportunity.
Technicals:
MACD is still below center line signaling further bearish movement.
Candles explain recent price movement to an extent. Engulfing bearish candle on the 4hr chart points to bigger sells for faster movement downwards in price.
Fibonacci retracement analyzes good buy and sell zones - below 61.8% so bulls may still be in wait
RSI confirms convergence and downward movement as well
Stock market reached news highs today as crypto market cap regained 200 billion, so likely to see a mirrored as well
Potential buy-in target set for $9600
On the 4hr chart, several indicators point that we may be headed for a short-term bearish reversal which may be a good buy opportunity.
Technicals:
MACD is still below center line signaling further bearish movement.
Candles explain recent price movement to an extent. Engulfing bearish candle on the 4hr chart points to bigger sells for faster movement downwards in price.
Fibonacci retracement analyzes good buy and sell zones - below 61.8% so bulls may still be in wait
RSI confirms convergence and downward movement as well
Stock market reached news highs today as crypto market cap regained 200 billion, so likely to see a mirrored as well
Potential buy-in target set for $9600
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