Bitcoin seems to be lingering in a rather average range at the moment with not a lot going, but despite this we can (With a degree of accuracy) predict 2 possibilities for Bitcoin to move. Price is currently supporting above the 20 and 50 moving average, and looks like it could use them as support. The candles however, look weak. Price doesn't look very strong, but has not negated the morning star signal yet, so we cannot say that this trade is going to the downside without a verified breakdown below 6440.
If price breaks AND closes below 6440, then it's a short, as the side-wards resistance has worked out as a resistance and the 20 and 50 moving average support have failed. Price breaking below 6440 negates the morning star signal also and is a huge downside move, which would hit the horizontal support zone at 6150 and 5850 before any possibility of any bounce to the upside if 6440 is broken.
For now we must wait and see. No long as the candles are weak, and no short as 6440 (Morning star signal) is not negated yet. So, wait.
Where do YOU think price is headed? Leave a chart in the comments and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
If price breaks AND closes below 6440, then it's a short, as the side-wards resistance has worked out as a resistance and the 20 and 50 moving average support have failed. Price breaking below 6440 negates the morning star signal also and is a huge downside move, which would hit the horizontal support zone at 6150 and 5850 before any possibility of any bounce to the upside if 6440 is broken.
For now we must wait and see. No long as the candles are weak, and no short as 6440 (Morning star signal) is not negated yet. So, wait.
Where do YOU think price is headed? Leave a chart in the comments and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
