Today’s chart update will be on BTCUSD where it has formed a which is a continuation pattern.
Will Bitcoin break bearish?
Points to consider,
- Clear bears in control
- Price testing
- Local resistance provided by EMA’s
- Stochastics projected downwards
- testing support
Bitcoin is heading to its apex where a break is imminent; price is currently testing a key that needs to hold. This is in confluence with the support line of the . Local resistance is being provided by the EMA's giving the bears an edge as price tests support. Resistance looks strong as we are in an established bear trend.
The stochastics is trading in the upper region, can stay here for an extended period of time, however lots of stored momentum to the downside. The is currently testing its ; a break will send it closer to oversold conditions.
is clearly declining as price comes closer to its apex; we need an influx of which will confirm a break.
Overall, in my opinion, a break will come to fruition shortly with an influx of . We are in a with a which serves as a continuation pattern. Bitcoin is more likely to test lower levels.
What are your thoughts?
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