Confluence at support line and 0.618 extension to the downside.
BTC on the weekly has been compressing for awhile. After a fake breakout to the upside and a failure of MACD to break above 0 (on the Daily), I don't think we're going any higher. Using Fib extensions and major support lines, I think we're in a bear market for the next few weeks (months), hitting $6550 for a bounce (yellow support line) and if there's continued weakness, we'll fall down to $4075 and in a big bear market the 1.382 level (~$1600).
Using basic pattern analysis, we broke out of the teal rising wedge and wicked down to the 0.5 FIB ($7315). If we consider the red triangle starting from 01JUL19, it really looks like $1599 is a possibility.
Fundamentally speaking, we've got a halving coming up but I'm not hearing too much fuss about it anything about a rush to the exchanges. I think we're in for another bear market - it'll be a great buying opportunity if it goes down to the aforementioned prices.
Using basic pattern analysis, we broke out of the teal rising wedge and wicked down to the 0.5 FIB ($7315). If we consider the red triangle starting from 01JUL19, it really looks like $1599 is a possibility.
Fundamentally speaking, we've got a halving coming up but I'm not hearing too much fuss about it anything about a rush to the exchanges. I think we're in for another bear market - it'll be a great buying opportunity if it goes down to the aforementioned prices.
Note
Wow! It sunk down past down $6550 and almost hit the 0.786 level ($5462). RSI is now at the lowest oversold levels it hasn't seen in months - I might pick up some here.
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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.