BTC is starting to look weak.
As I explained yesterday, I am expecting BTC to dip to 39k in the next two weeks. However, I was expecting one last push at 51 before dropping. Nevertheless, BTC has accelerated down, invalidating the bullish flag and breaking the 50 MA, which was support for the previous two months. If the daily candle closes below the 45700 (50MA), we can expect further weakness and lower prices.
BTC has also formed a classic HnS pattern. I have highlighted the target of the pattern. If BTC opens and closes below the neckline (thick black line), the pattern will be completed, and BTC will head to 38k. This is all in line with my expectation for the end of September.
-indicators = The Stoch RSI are starting to be oversold in most timeframes. However, the weekly Stoch RSI is nowhere near the oversold area, and it is still heading down, which suggest the drop is not over yet, and lower prices are expected. RSI started to look bearish with the daily breaking a support trendline that was holding for the last two months, suggesting the momentum is on the bear side.
The four h timeframe 50MA is now acting as a resistance and reinforcing the HnS case.
- volume = Volume has failed to pick up significantly in the last few bounces, which suggest the bull momentum has dissipated. Also, we can see some volume spike in the sell-off, indicating that bears are willing to push prices lower.
NOW, what are my expectation? I expect in the next few hours, the bulls to try to push BTC above 46700. However, I believe they will fail and be rejected at that resistance level. I see BTC reaching a selling climax with a strong breakdown to touch the 38k. That will be the accumulation level. The bears will be exhausted, bulls will come in with a lot of enthusiasm, and an aggressive push up will start.
JUST REMEMBER, TA IS ABOUT PROBABILITIES, NOT PERFECTION. Things change fast in the market, so always be ready.
I have now exit some positions to wait for a better entry and clear direction.
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As I explained yesterday, I am expecting BTC to dip to 39k in the next two weeks. However, I was expecting one last push at 51 before dropping. Nevertheless, BTC has accelerated down, invalidating the bullish flag and breaking the 50 MA, which was support for the previous two months. If the daily candle closes below the 45700 (50MA), we can expect further weakness and lower prices.
BTC has also formed a classic HnS pattern. I have highlighted the target of the pattern. If BTC opens and closes below the neckline (thick black line), the pattern will be completed, and BTC will head to 38k. This is all in line with my expectation for the end of September.
-indicators = The Stoch RSI are starting to be oversold in most timeframes. However, the weekly Stoch RSI is nowhere near the oversold area, and it is still heading down, which suggest the drop is not over yet, and lower prices are expected. RSI started to look bearish with the daily breaking a support trendline that was holding for the last two months, suggesting the momentum is on the bear side.
The four h timeframe 50MA is now acting as a resistance and reinforcing the HnS case.
- volume = Volume has failed to pick up significantly in the last few bounces, which suggest the bull momentum has dissipated. Also, we can see some volume spike in the sell-off, indicating that bears are willing to push prices lower.
NOW, what are my expectation? I expect in the next few hours, the bulls to try to push BTC above 46700. However, I believe they will fail and be rejected at that resistance level. I see BTC reaching a selling climax with a strong breakdown to touch the 38k. That will be the accumulation level. The bears will be exhausted, bulls will come in with a lot of enthusiasm, and an aggressive push up will start.
JUST REMEMBER, TA IS ABOUT PROBABILITIES, NOT PERFECTION. Things change fast in the market, so always be ready.
I have now exit some positions to wait for a better entry and clear direction.
FOLLOW ME, SHARE, LIKE AND COMMENT
CFcryptoTA
check the youtube channel out
youtube.com/channel/UC1nxHmfbU0pyoX7Bp-ayDuA
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check the youtube channel out
youtube.com/channel/UC1nxHmfbU0pyoX7Bp-ayDuA
Telegram channel for 1 to 1 chat: t.me/TAEW4
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