The cross BTCUSD is still in a bear channel headed once again for 1st and 2nd support area.
As a further signal of the market being bear you can see how prices are trading lower than both 50 and 200 EMA.
The market is currently on wave 3 with a possible pullback to 9,5-10k area before hitting the second support at around 5,5k.
Overall I don't think anything above 12k is possible given such conditions.
As a further signal of the market being bear you can see how prices are trading lower than both 50 and 200 EMA.
The market is currently on wave 3 with a possible pullback to 9,5-10k area before hitting the second support at around 5,5k.
Overall I don't think anything above 12k is possible given such conditions.
Trade active
Comment:
A possible retracement due to an H&S pattern may be developing as of now. Consider this a minor time-limited retracement. The H&S won't revert the pattern and, overall, the market keeps being bear.
9,0k-9,1k could be a feasible exit point
9,0k-9,1k could be a feasible exit point
Levels to watch, 5,7k-5,5k and 3,4k
Given the magnitude of the fall a pullback to 9-10k area seems unlikely.