BITCOIN's freefall may start earlier than expected! Be Careful!
When we look at the hourly chart it seems that the price of BTC returned from the resistance of downtrend started at 12300 USD. We can see the RSI side which also broke the uptrend. And than moving average line is crossing the bollinger middle band downwards. Last but not the least BTC is losing volume. Volume is the most important indicator on Bitcoin. These can be the indicators of starting downtrend. Now let's look at the 4 hours chart;
4 hours graph;
As we can see on 4 hours graphic, BTC is forming head&shoulders formation. And targets of this head&shoulders are 8.200 and 7.400
If the price starts to falls down towards 9.700 we can see very steep moves. People may panic sell and the movements will be steeper.
4 hours graph;
As we can see on 4 hours graphic, BTC is forming head&shoulders formation. And targets of this head&shoulders are 8.200 and 7.400
If the price starts to falls down towards 9.700 we can see very steep moves. People may panic sell and the movements will be steeper.
Trade closed: target reached:
As we forecasted, after the descending triangle. Price of BTC fall down to 9750 support. Than the price went up again from the support line.