The current price action is suggesting a clear trend of lower highs while the price keeps finding support on $30000 area, which is creating a descending triangle pattern with bias to break to the downside.
The current situation looks pretty similar to 2018, when the price was finding support at $9000 area and creating new lower highs.
It's important to say that I am bull myself and I only do Long trades, however the current situation doesn't seem to be offering any really good trades.
Daily analysis.
The price of Bitcoin has been in daily downtrend for exactly two months as the 20 and 50 daily EMA's are suggesting and there is no clear indication for a trend change.
The price continues to be traded below 20 daily EMA, meaning Bitcoin is in a strong downtrend.
RSI is not giving any signal.
MACD is currently located in a corrective buying wave where corrective buying volume is minimal. This is bearish for the price.
What needs to happen in order to change the daily trend?
I believe the price will find support at the monthly 20 EMA, but it's necessary to retest the 50 one as history suggests, this is where the supply zone is located. The monthly trend is a still an uptrend, a strong one to be precise.
What I am going to do?
I am looking to buy Bitcoin when it drops below $30000, somewhere at $26000, but I will be only looking for a temporary move higher. Then I will be aiming to buy at the bespoke 50 monthly EMA.
Nice downside target, thanks for sharing your idea.
allkrystals
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Thanks, looks like 20k will be new 6k.
ich1baN
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Interesting chart but I don't see this as a descending channel. Zooming out - here is the big picture from the March 2020 Corona bottom ... also the YELLOW box can not be ignored. These are extremely important levels and just drawing the channel downward as you have misses the bigger support zones from back in Jan and Feb:
I think at worst we hit 30k ... yes, maybe a wick below 30k for a couple hours like on June 22nd.