BTCUSD is below the trend line, i.e. it has broken through a very bearish pattern called Rising wedge or Bear flag.
The volume is neutral.
The RSI is in a neutral position - which, given the broken formation, is bearish.
MACD is neutral to bearish.
Assessment: BTCUSD has a lot of room to fall to the lower trend line and support. In the event of a further decline, it is expected that it will be rejected at the levels of the last bottom of 15460, however, very likely only in the short term.
On the other side, a strong daily close above 16900 would invalidate these patterns and represent a death hook pattern or fake breakout and would be extremely bullish.
Growth would be visible up to the next trend line (blue), i.e. approx. 18,000
A likely further decline is 80% likely.
The volume is neutral.
The RSI is in a neutral position - which, given the broken formation, is bearish.
MACD is neutral to bearish.
Assessment: BTCUSD has a lot of room to fall to the lower trend line and support. In the event of a further decline, it is expected that it will be rejected at the levels of the last bottom of 15460, however, very likely only in the short term.
On the other side, a strong daily close above 16900 would invalidate these patterns and represent a death hook pattern or fake breakout and would be extremely bullish.
Growth would be visible up to the next trend line (blue), i.e. approx. 18,000
A likely further decline is 80% likely.
Consistency is the key of success....