It's quite a while I don't post my idea on Bitcoins. The cryptocurrency didn't move a lot lately with mostly a sidewalk accumulating movement with reduced trading volumes.
We are still trading below the 200 days EMA and that means a bearish trend is occurring.
At this point, honestly, the cross may move both ways.
Overall I'm skewed towards the bearish sign for a number of things.
***Not a trading advice of any sort. Merely my idea for informational and educational purposes only***
We are still trading below the 200 days EMA and that means a bearish trend is occurring.
At this point, honestly, the cross may move both ways.
Overall I'm skewed towards the bearish sign for a number of things.
- 1. We are way below the 200 days EMA and to break such a ceiling huge volumes will be needed. It is more likely that the prices reach such a level and get rejected that the occurrence that the 200 days EMA gets cleared during the uptrend.
- 2. BTC is/was definitely a bubble and, as such, will need to de-inflate. The price will likely never reach the "moon" and you can only profit from it either going short or working on the deep and fast volatility that affects its daily price.
- 3. An inverted Cup & Handle is probably forming on the daily and weekly chart. That figure should signal a price drop. A TP could probably be identified at around 4,9 or so.
***Not a trading advice of any sort. Merely my idea for informational and educational purposes only***
Comment:
6k could be an interesting floor for this selloff
6k could be an interesting floor for this selloff
As I wrote the other day, BTC dropped and the inverse Cup and Handle figure is "completing". Expect further drops in BTC price.
**Not a trading advice of any sort. Merely my idea for informational and educational purposes only***