Bitcoin 1D Bearish Signs
After a strong correction we have had strong a bounce on bitcoin which led to 53k top.
We then retraced to around 0.618 fib so not very deep. The issue is that we seem to have reached the top of this bounce around 48k which is again a lower top.
The RSI is also indicating that BTC is loosing it's strength.
Currently it seems BTC needs a deeper correction back to around 40k region - if this is followed by a (very) strong bounce creating a higher top then I would remain bullish. However if we create another lower high or a double top at around 48k region then I think we will not see 50k+ for a long time.
Currently BTC looks bearish to me.
We then retraced to around 0.618 fib so not very deep. The issue is that we seem to have reached the top of this bounce around 48k which is again a lower top.
The RSI is also indicating that BTC is loosing it's strength.
Currently it seems BTC needs a deeper correction back to around 40k region - if this is followed by a (very) strong bounce creating a higher top then I would remain bullish. However if we create another lower high or a double top at around 48k region then I think we will not see 50k+ for a long time.
Currently BTC looks bearish to me.
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.