Now this is going to be interesting - This thing needs buyers
The Rsi is so low, that it it might be "worth zero".
I mean, there should be a bounce right here.
And this is this bounce we need to study to take a market temperature : how powerful or weak is it going to be?
The problem with such a recent Bitcoin move, is that it is not inconsequential.
There is basically a free drop zone from here to the green supports.
So if Btc doesn't start to bounce from here, we can expect some brutal downside.
We could have formed a capitulation, but this is gambling, and i honnestly have no proof of a capitulation right now, this is way too early.
If you want to follow crypto charlatans and market gamblers giving random insane targets, i can PM you plenty of twitter profiles no worries.
We have now to stop fooling around with knives catching, and search for a buy opportunity playing with the moving averages that will soon or later talk to us about this coin.
Going long here is risky, but feel free to gamble if your treasury allows you to do so, as it should bounce here with such a low Rsi and such a sharp drop we witnessed.
Always remember, the moving averages, the moving averages, the moving averages.
Classical charting from school is telling us that the breakdown of the descending triangle is giving a target of 3.000$.
"Will it reach it" is a big unknown.
The green rectangles are not targets, they are possible supports if some serious panic sell continues, which is a possibility.
But we should have a bounce here, why not to retest the 6k resistance.
Wait and see.
I mean, there should be a bounce right here.
And this is this bounce we need to study to take a market temperature : how powerful or weak is it going to be?
The problem with such a recent Bitcoin move, is that it is not inconsequential.
There is basically a free drop zone from here to the green supports.
So if Btc doesn't start to bounce from here, we can expect some brutal downside.
We could have formed a capitulation, but this is gambling, and i honnestly have no proof of a capitulation right now, this is way too early.
If you want to follow crypto charlatans and market gamblers giving random insane targets, i can PM you plenty of twitter profiles no worries.
We have now to stop fooling around with knives catching, and search for a buy opportunity playing with the moving averages that will soon or later talk to us about this coin.
Going long here is risky, but feel free to gamble if your treasury allows you to do so, as it should bounce here with such a low Rsi and such a sharp drop we witnessed.
Always remember, the moving averages, the moving averages, the moving averages.
Classical charting from school is telling us that the breakdown of the descending triangle is giving a target of 3.000$.
"Will it reach it" is a big unknown.
The green rectangles are not targets, they are possible supports if some serious panic sell continues, which is a possibility.
But we should have a bounce here, why not to retest the 6k resistance.
Wait and see.
Comment:
*discreetly modifies his previous desc. triangle to pretend nothing happened*
Comment:
5min chart seems to be forming a local ascending triangle
With the low Rsi it indicates it probably wants to hit 6k and test it as a resistance
With the low Rsi it indicates it probably wants to hit 6k and test it as a resistance
Comment:
... transformed in a bearish pennant, T 4.900
let's see if it's a fake out or not.
Doesn't look good for now
Doesn't look good for now
Comment:
4900 reached on certain exchanges, still no solid bounce