Hi fellow traders!
We have recently seen BTCUSD rally over the past couple of days after breaking out of a consolidation zone. This has led to a rally of BTC approaching around $5500 USD at its peak.
Looking at BTC now on a weekly time frame, a doji star has been printed - to be specific, an enormous evening doji star (highlighted in green).
This is a sign of a bearish reversal and looking at BTCUSD and its rally over the past couple of weeks, I think the time has come, as from my last article for this pair to drop.
Furthermore, considering this pair in terms of moving averages, the 50MA is acting as a resistance for this pair, which should help to aid this pair to the downside.
The 50MA should act as a heavy resistance barrier for the bulls to break out from the long-term bearish trend.
Considering this pair will drop over the next few weeks, I think we will firstly see price re-enter the parallel channel, test this channel a few times, before rejecting into the highlighted zones in pink.
I think after these pink highlighted zones are tested and broken as floors of support, we could look to see a surge to the upside for some time, but then a retracement to the significant lower end support levels highlighted in yellow, where I think the price of BTCUSD could head over the next couple of months to a year before we see the next proper bull run.
If you haven't already read my last article on the long term forecast of BTC, check my profile to find my last post about the future of BTC.
If you read it to all the way down here, thanks for showing some support to this article! Tell me where you think BTC and Cryptos are heading next! Comment below all your ideas about the future of cryptocurrencies! Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
We have recently seen BTCUSD rally over the past couple of days after breaking out of a consolidation zone. This has led to a rally of BTC approaching around $5500 USD at its peak.
Looking at BTC now on a weekly time frame, a doji star has been printed - to be specific, an enormous evening doji star (highlighted in green).
This is a sign of a bearish reversal and looking at BTCUSD and its rally over the past couple of weeks, I think the time has come, as from my last article for this pair to drop.
Furthermore, considering this pair in terms of moving averages, the 50MA is acting as a resistance for this pair, which should help to aid this pair to the downside.
The 50MA should act as a heavy resistance barrier for the bulls to break out from the long-term bearish trend.
Considering this pair will drop over the next few weeks, I think we will firstly see price re-enter the parallel channel, test this channel a few times, before rejecting into the highlighted zones in pink.
I think after these pink highlighted zones are tested and broken as floors of support, we could look to see a surge to the upside for some time, but then a retracement to the significant lower end support levels highlighted in yellow, where I think the price of BTCUSD could head over the next couple of months to a year before we see the next proper bull run.
If you haven't already read my last article on the long term forecast of BTC, check my profile to find my last post about the future of BTC.
If you read it to all the way down here, thanks for showing some support to this article! Tell me where you think BTC and Cryptos are heading next! Comment below all your ideas about the future of cryptocurrencies! Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!