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 formation:
We are now seeing, yet again, mixed signals for BTC at this major 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 and scenarios on the based on probabilities.
- 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 for many bulls).
- We must break 11.8K in order to witness a complete bias. Here is our previous analysis on a that we believed could have played out if a scenario were to play out:
Bearish Scenario (MORE PROBABLE AT THE TIME OF WRITING)
- The breakdown we had from the near resistance was a clear sign that bears were not ready to give up the fight just yet.
- The ( ) is showing neutral territory, which can indicate that it may break down even further to complete the cycle.
- We may see a looking for another measured move down to our next at around 10.8K-11K, depending on how impulsive the drop is.
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?
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