A short term idea
This is what I see.
The ADX line shows us the BTC is in accumulation phase and also it shows the past 23 days of BTC moves was not a Bull trend the ADX didn't go higher than 25%, Thats very bearish.
Currently price consolidates in a rising wedge which is made between uptrend line and the 25% level line of fan, this is also bearish.
At the end of chart we have 3 Doji, one green and next of it is the yesterday's red Doji candle and today's candle which is not closed yet but if it close as a Doji then it is very bearish too.
They can be a Bearish Tristar pattern or if we don't consider the first one as a Doji (it is a little taller than others) then the 2 other can make 2 Doji in row which is bearish too.
I think today we will know which way BTC will go, up or down.
In my opinion in next 4-5 days BTC will go to 6000-6200 region or it can go lower, then the trend will change to a upward trend.
This is very good for Bitcoin, I really like to see it oversold on daily chart, it can be an excellent rocket fuel for Bitcoin.
Closer look of rising wedge:
The ADX line shows us the BTC is in accumulation phase and also it shows the past 23 days of BTC moves was not a Bull trend the ADX didn't go higher than 25%, Thats very bearish.
Currently price consolidates in a rising wedge which is made between uptrend line and the 25% level line of fan, this is also bearish.
At the end of chart we have 3 Doji, one green and next of it is the yesterday's red Doji candle and today's candle which is not closed yet but if it close as a Doji then it is very bearish too.
They can be a Bearish Tristar pattern or if we don't consider the first one as a Doji (it is a little taller than others) then the 2 other can make 2 Doji in row which is bearish too.
I think today we will know which way BTC will go, up or down.
In my opinion in next 4-5 days BTC will go to 6000-6200 region or it can go lower, then the trend will change to a upward trend.
This is very good for Bitcoin, I really like to see it oversold on daily chart, it can be an excellent rocket fuel for Bitcoin.
Closer look of rising wedge:
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