I still feel like we are not out of the woods yet with the bearish sentiment on BTC.
There are a couple of signs I am seeing that indicate to me we could still have more downside price action over the coming weeks.
The Weekly chart breakdowns like this for me
There is also a head and shoulders pattern at play there, but I am not entirely sure how much of a confluence that will be.
I am expecting to see us hit the $29,700 zone to complete its full retracement - I just hope that this level holds.
There are a couple of signs I am seeing that indicate to me we could still have more downside price action over the coming weeks.
The Weekly chart breakdowns like this for me
- The break of the Ichimoku cloud
- The leading Ichimoku cloud has also started to crossover into the red
- This weeks candle has currently tested the cloud and rejected as resistance
There is also a head and shoulders pattern at play there, but I am not entirely sure how much of a confluence that will be.
I am expecting to see us hit the $29,700 zone to complete its full retracement - I just hope that this level holds.
Comment:
Well, that worked out a treat!