BITCOIN: Imminent Breakout Soon - BEARISH Move Incoming?!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

Hello bears and bulls. From our previous analysis, we have seen a perfect Adam and Even formation, but has broken to the downside on the bull flag formation:

We are now seeing, yet again, mixed signals for BTC at this major support level around 11.1-11.4K regions. We are ready to see another breakout to the upside or downside. We usually don't advise trading on shorter time frames, so let's take a look at two realistic bearish and bullish scenarios on the daily chart based on probabilities.

Bullish Scenario
- 11K support is holding relatively strong; higher low has been created in this region on shorter time frames.
- Bulls must protect 11.35 - 11.45K regions (we are seeing this area currently as a demand zone for many bulls).
- We must break 11.8K in order to witness a complete bullish bias. Here is our previous analysis on a fractal that we believed could have played out if a bullish scenario were to play out:

- The breakdown we had from the bull flag near resistance was a clear sign that bears were not ready to give up the fight just yet.
- The Relative Strength Index ( RSI ) is showing neutral territory, which can indicate that it may break down even further to complete the cycle.
- We may see a rising wedge looking for another measured move down to our next support zone at around 10.8K-11K, depending on how impulsive the drop is.

Market Sentiment:
Market sentiment based on the fear and greed index is showing that we are currently at neutral, switching from Greed. Are we looking into swapping into fear territory?

Trade Safe.

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