After BTC broke the short uptrend, it find its short support on an old trend.
But looking at the monthly, weekly and daily charts, We can see that BTC looking for more downtrend.
On the Monthly chart, We can see that BTC broke the 61% Fibonacci and the 38% Fibonacci trend.
On the Weekly chart, We can see that BTC broke a strong support which meets with the 38% Fibonacci trend that can't broke it from 29/1, but it bounce back from the 50 MA.
On the Daily chart, we can see that BTC broke the short uptrend which meets with the center of the descending channel and can't close over them for 2 days after its bounce from (monthly support, weekly 50 MA), So, its just a short bounce to save the weekly close.
Go in with the 4 hours chart, We can see that BTC tests the broken trend and center line of the channel but its failed to close over them, and now the 25 MA over this resistance, which make it refer to go more down with this weak volume and negative closes.
So, If BTC go down, it will go to next support at 5981 level.
I have 2 scenarios now to this chart:
1- Fail to bounce from the green trend to broke the descending channel, then BTC will drop down to meets the 25% Fibonacci trend and an uptrend (blue) at the weekly support level 5365, then bounce to test the center line of the channel.
2- Drop down quickly to the center line of the big descending channel, the bottom of the new channel, 78% Fibonacci (Monthly), an old uptrend (red), monthly support at (3790 - 4250) levels.
But looking at the monthly, weekly and daily charts, We can see that BTC looking for more downtrend.
On the Monthly chart, We can see that BTC broke the 61% Fibonacci and the 38% Fibonacci trend.
On the Weekly chart, We can see that BTC broke a strong support which meets with the 38% Fibonacci trend that can't broke it from 29/1, but it bounce back from the 50 MA.
On the Daily chart, we can see that BTC broke the short uptrend which meets with the center of the descending channel and can't close over them for 2 days after its bounce from (monthly support, weekly 50 MA), So, its just a short bounce to save the weekly close.
Go in with the 4 hours chart, We can see that BTC tests the broken trend and center line of the channel but its failed to close over them, and now the 25 MA over this resistance, which make it refer to go more down with this weak volume and negative closes.
So, If BTC go down, it will go to next support at 5981 level.
I have 2 scenarios now to this chart:
1- Fail to bounce from the green trend to broke the descending channel, then BTC will drop down to meets the 25% Fibonacci trend and an uptrend (blue) at the weekly support level 5365, then bounce to test the center line of the channel.
2- Drop down quickly to the center line of the big descending channel, the bottom of the new channel, 78% Fibonacci (Monthly), an old uptrend (red), monthly support at (3790 - 4250) levels.
Comment:
BTC failed again to go over the short broken trend and creates divergence on the RSI.
Let's go down
Let's go down
Comment:
On the daily chart the 50 MA cut the 200 MA, On the 4 hours chart BTC find support on 25 MA but the RSI still under 50 level and BTC can't close over the broken trend.
===== Daily chart =====
===== 4h chart =====
===== Daily chart =====
===== 4h chart =====
Comment:
BTC going to test the short downtrend from 5/3 which meets the 61% at 7600 level.
Comment:
BTC fail again near the short trend in red and 61% Fibonacci, its drop down the center line of the descending channel.
On the daily chart we can see the target is the circle in red which meets the broken downtrend, 25% Fibonacci trend, old uptrend from 25/7 to 15/9 and weekly support at 5365 level.
On the daily chart we can see the target is the circle in red which meets the broken downtrend, 25% Fibonacci trend, old uptrend from 25/7 to 15/9 and weekly support at 5365 level.
Weekly chart
Daily chart