Lets get to the point right away. BTC has shown huge respect to our channel. It has tested it as support resistance and ended up staying within it. As in our previous analysis, we indicated that btc might break the channel and move higher. Yet we have also stated a risk zone where this move might be a fake out, if we do not break it. Which we hit the top of that zone and made a pull back.
So whats should we expect next. I believe we will keep moving down. The main reason of this belief is that, BTC didn't hesitate breaking 200 ema a bit. This move will be tested by the mid red line, where it might make a bounce or continue to break trough, that is still early to make a call for.
In the short term, next day or two, we might see a small bounce or move side ways due to RSI being low. We need to create space for the RSI to make another big move down. So it is likely that we could see a bearish flag before the move. Lets see how it plays out.
Previous analysis:
So whats should we expect next. I believe we will keep moving down. The main reason of this belief is that, BTC didn't hesitate breaking 200 ema a bit. This move will be tested by the mid red line, where it might make a bounce or continue to break trough, that is still early to make a call for.
In the short term, next day or two, we might see a small bounce or move side ways due to RSI being low. We need to create space for the RSI to make another big move down. So it is likely that we could see a bearish flag before the move. Lets see how it plays out.
Previous analysis:
Comment:
We might hold or bounce here a little bit due to fib level
Comment:
A perfect kiss... We touched our prediction and started to move back. Lets see if we gain any momentum before entering any position. Its too risky to catch a falling knife. ;)