Daily Analysis on Bitcoin (bearish signs on the short term)
Use this as a guide to develop your view of the chart.
Main items we can see on the Daily chart:
a)The price was making a corrective structure for a new bullish motive wave to come.
b)However, the price made a bearish movement breaking the two ascending trendlines and now being below the Daily one
c)On Bitcoin, we can expect this kind of fake-out actions, But if the price does not enter again to the previous zone we will be paying attention for Clear selling signals
d)We forecast that the price may test the next support zone at 7400
e)There we will expect a reaction
f)It is essential for the bullish side to support that level. Otherwise, the next support will be at 6600
g)Final Conclusion: We are on a moment of decision, we will be waiting for clear signs, either short or long. We will send a new update on this idea.
Main items we can see on the Daily chart:
a)The price was making a corrective structure for a new bullish motive wave to come.
b)However, the price made a bearish movement breaking the two ascending trendlines and now being below the Daily one
c)On Bitcoin, we can expect this kind of fake-out actions, But if the price does not enter again to the previous zone we will be paying attention for Clear selling signals
d)We forecast that the price may test the next support zone at 7400
e)There we will expect a reaction
f)It is essential for the bullish side to support that level. Otherwise, the next support will be at 6600
g)Final Conclusion: We are on a moment of decision, we will be waiting for clear signs, either short or long. We will send a new update on this idea.