BTC stays in the downtrend despite this little outbreak. Unfortunately, it comes without serious volume to confirm break out of the downwards movement we have been for last 6 days.
There are few bearish signs to watch out:
1) EMA death cross, on 1d chart that didn't happen for a long time and can signal us a downward movement
2) We are still in a previous double top pattern, having a green (healthy) day after continuous 6 red days.
3) Rejected from 9400 - 9600 resistance will push us to retest 8500 supports
4) Plus we can notice interesting similarities with the BTC 9.64% movement before we riched 6k bottom. as you can see in 2 rectangles.
If we cant break out of this downtrend movement i can see BTC 9.64% going to test the 1 year trendline around 7500.
There are few bearish signs to watch out:
1) EMA death cross, on 1d chart that didn't happen for a long time and can signal us a downward movement
2) We are still in a previous double top pattern, having a green (healthy) day after continuous 6 red days.
3) Rejected from 9400 - 9600 resistance will push us to retest 8500 supports
4) Plus we can notice interesting similarities with the BTC 9.64% movement before we riched 6k bottom. as you can see in 2 rectangles.
If we cant break out of this downtrend movement i can see BTC 9.64% going to test the 1 year trendline around 7500.
Comment:
www.tradingview.com/chart/riwazHJ5/ 1D for the better perspective.
Trade active:
Everything goes according to this chart. More downtrend on BTC before it founds stronger ground around 7.5k