Sherem

BTC- More downside in the cards

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Not much is going on with Bitcoin right now. As you can see the last week has been met with little movement and volatility . MACD has completely gone negative on the daily and still shows signs of going down more. RSI isn't even in oversold territory yet.

Just looking at price, what do you notice? That it's a descending triangle type pattern. It's sloping down as price converges on this 9.5k level. Once this breaks, we'll move to the next support area of 8k where we should get a bounce. From there I would imagine will go sideways or resume down. It's highly doubtful that after we bounce that we'll resume upward. While possible, I think we need to see some more development in the charts for that to happen.

All in all, expect more downside in the near term.

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Happy trading and hodling,
-Sherem
Comment: Previous updates as an FYI:


All my posts are not intended as financial advice, just me sharing what i am doing with my research and positions. Don't stress, pick your points and don't use leverage.

Comments

Looks like a lower high. Your peak trend line looks valid still. Where to from here???
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Sherem theredbaronZ
@theredbaronZ, Yeah, that trendline still looks valid. It's really tricky to say where it's going, the flows have been going to BTC and keeping it high while alts have been getting crushed with little movement, been interesting to watch to say the least.
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