ritsol

Looks like a tough ride ahead for BITCOIN !! Brace yourselves!!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello fellow crypto traders!! Let me get right into it!

Bitcoin prices has been dropping since it's all time high top. Coincidentally (or not), the all time high date was the day that CME futures started. From then, we have so far dropped from 20k down to 6k and bounced. But that bounce had retraced quite a bit and it seems that BTC is heading further down from here. The 50 days moving average is going to cross over the 200 days moving average in the next few days and that usually signals a bearish outlook for the medium term. CCI index also shows consistent strength in the selling and not looking to ease any soon. Then, we also have the large head and shoulders formation confirmation where BTC had pierced thru the neckline. We shall see if it can return back up above the neckline and save itself or simply resigned to it and the neckline becoming a resistance.

Based on an educated guess, I and seeing BTC heading towards the $1000-$2000 levels before the bear market is concluded.

This chart is only for educational purpose and all opinions are expressly my own.

Good luck!

Much better prediction than your Feb 14 one.
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ritsol samiswilf
@samiswilf, haha thank you. Back in 14 Feb, indicators were still bullish biased compared to now.
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