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BITCOIN (#BTC): Bearish Flag - downtrend will continueAs was predicted even couple of days before, BTC is going down. It finished forming of reversal "Head and Shoulders" pattern and the price dropped again below $9000. Now, on 12H TF, you can see the well-known figure named "bearish flag" with the prospect of downtrend will continue. Let's take a look at EMA trend lines - possible "Golden Cross" failed (purple rectangle) and price dropped down. Both EMAs become strong resistances, EMA200 at $9050 and EMA50 at $8800. MACD also indicates downward trend, and for now there is nothing to indicate rebound, at least in the coming days. I hope you enjoy my charts, please writte your comments, hit that like button or follow me. Thank you!
Short
by AsBobbyDigital
The Arithmetic Bull vs The Log BearThe bearish primary degree count (on log scale) still satisfies more factors (i.e. volume trends, sentiment, proportionality, distance, time) than the bullish cycle degree count (on arithmetic scale) and I consider it the higher probability scenario. Log scale shows that the rally to new all-time highs is not as big as it seems. Arithmetic scale shows how steep the trajectory has been, most comparable to the bubble rally to all-time highs previously. What followed was a two year decline which is inline with my big picture outlook that BTCUSD is working its way through a cycle degree expanding flat correction. A similar two year decline to at least the 200 level would satisfy this count perfectly. At intermediate or minor degree a fourth wave is unfolding and we should expect a fifth wave rally which may be taking off as I type this. Once this high is in place, the next major move is a correction. Cycle degree wave IV or primary degree wave ((C)) of cycle II.
BITSTAMP:BTCUSD
by Kappy