cyatophilum

Bitcoin descending channel and what to expect (BTC)

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello guys, today let's look at different perspectives and try to predict what could happen next for Bitcoin . Also I do not personnaly trade bitcoin , I don't like how easily price is being manipulated by whales who trade using huge leverage on a low volume market, so I rather trade altcoins. You can check my profile for more altcoins ideas.

So in this main picture we see Bitcoin moving inside a descending bear channel . But you know that when we can easily draw a channel that means it is not viable anymore, so it will break soon. Volume is quite low. RSI is oversold but could go lower so we will wait for a bounce before joining the bulls.

We see in these last days on BITFINEX (this is where the whales are moving the price with margin trading) that more shorts are being opened and I expect it to continue this way. This is quite a bearish sign because more and more people are betting that price will go down.

Moving to daily chart , my guess is that it's going to double bottom . MACD indicator is all red. The MACD line is moving away (to the downside) from the signal line.

To sum up, unless we see some serious move to the upside, RSI divergences or such, we see Bitcoin drop further below to the 3k.

See you next time and thanks for the feedback if any !
Comment:
Nothing much happened yet, price is still in this descending triangle. I noticed a slight increase in long positions, but nothing on the MACD and RSI is flat. Volume is still low. We can expect the price to keep its direction.

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