I've been watching the market very closely the past couple of months and this does not look good. What I see is a bear pennant that just broke down. BTC has already had a monthly MacD cross down, broken this bear pennant, and is about to have a bearish 4hr 50/200SMA death cross. All bad news to me. If this does play out with a 50% correction, just imagine what that does to Alts. Tread carefully over the coming days.
Comment:
The 4hr is pretty oversold at the moment; so I expect a retrace up to the death cross around $42,900, followed by rejection and then the waterfall begins.
The 4hr is pretty oversold at the moment; so I expect a retrace up to the death cross around $42,900, followed by rejection and then the waterfall begins.
Comment:
The 50 Month MA is right there as well, so lots of confluence on this anticipated move.
The 50 Month MA is right there as well, so lots of confluence on this anticipated move.
Comment:
Couldn't even manage a bounce to $42K and broke the bear flag. Short term target of $36.3K
Couldn't even manage a bounce to $42K and broke the bear flag. Short term target of $36.3K
5 Day Time Frame shows a clear breakdown from the pennant. It's a downtrend continuation break.