TF 1D:
Following the collapse Bitcoin has attempted a recovery by reversing the short-term trend, thus forming a continuous flag pattern, but in recent sessions is turning into a rectangular triangle following two attempts to break the 7,000 area.
In the last few hours buyers are having difficulty in maintaining the support of the EMA 20; a closing above the EMA 20 will lead to the 7,000 mark, and in case of a break-up the symmetrical triangle pattern with a target at 8,250 (EMA200) will be completed; a single obstacle for this target is at 7,600 at the EMA50 and the flag support line.
On the contrary, if the shorters manage to keep prices below the EMA20, we could see a return to the 6,000 area, the flag support line, with a first support at 6,400.
If the latter yields, the 2,500a target flag pattern will be completed, and we will see a sharp drop in prices with first support at 5,000, if not lower.
TF 6H:
On lower time frames, such as 6h or 4h, you can feel the uncertainty of the last few hours that has led to a flattening of moving averages and various indicators.
Apparently buyers are defending the support line determined by the moving averages; there has also been a shy golden cross between EMA 20 and EMA 50 that might go in favor of our bull's-eye view, but the Stoch RSI , MACD and Momentum indicators are ready to say the opposite, hinting at a downward tilt with the start of berish cross formation.
TF 1W:
On the weekly time frame we signal a death cross between EMA 20 and EMA 50, this is a strong wake-up call that can warn us about future long term quotation movement, this signal strengthens our bear vision at the expense of the bullish one .
On the other hand, however, the RSI Stoch is oversold and is about to form a bullish cross.
Following the collapse Bitcoin has attempted a recovery by reversing the short-term trend, thus forming a continuous flag pattern, but in recent sessions is turning into a rectangular triangle following two attempts to break the 7,000 area.
In the last few hours buyers are having difficulty in maintaining the support of the EMA 20; a closing above the EMA 20 will lead to the 7,000 mark, and in case of a break-up the symmetrical triangle pattern with a target at 8,250 (EMA200) will be completed; a single obstacle for this target is at 7,600 at the EMA50 and the flag support line.
On the contrary, if the shorters manage to keep prices below the EMA20, we could see a return to the 6,000 area, the flag support line, with a first support at 6,400.
If the latter yields, the 2,500a target flag pattern will be completed, and we will see a sharp drop in prices with first support at 5,000, if not lower.
TF 6H:
Apparently buyers are defending the support line determined by the moving averages; there has also been a shy golden cross between EMA 20 and EMA 50 that might go in favor of our bull's-eye view, but the Stoch RSI , MACD and Momentum indicators are ready to say the opposite, hinting at a downward tilt with the start of berish cross formation.
TF 1W:
On the other hand, however, the RSI Stoch is oversold and is about to form a bullish cross.