Hello crypto fans,
I hope everyone has been enjoying the recent gains in the crypto markets. After a shaky 2018, Bitcoin is fast becoming the talk of the town again. However, as we all know, what goes up, must come down(eventually).
So, is Bitcoin setting up for a correction? We have recently seen a few bullflags form, driving the price higher and higher. Technicals indicate that we might see Bitcoin kiss $10k in the coming days, however, $10k being a psycological number, it could also be the start of a big correction and an opportunity to go short.
On the 4H chart, we can see that the RSI and MACD have both made some bearish divergences, indicating that we could see the price go down in the near term. Apart from the indicators signaling a drop to come, price movement could be in the process of forming a H&S pattern. Now, we can't say for sure, atleast not until the bars have moved in that direction...but we can be on the lookout for the formation of a bearish pattern.
Now, all of this is my personal take on the market and shouldn't be seen as investment/trading advice, but, should we see the formation of a H&S pattern to support the indicators, price could move down towards $5600, perhaps even lower, back down to $4000 even.
Only time will tell. Good luck :)
I hope everyone has been enjoying the recent gains in the crypto markets. After a shaky 2018, Bitcoin is fast becoming the talk of the town again. However, as we all know, what goes up, must come down(eventually).
So, is Bitcoin setting up for a correction? We have recently seen a few bullflags form, driving the price higher and higher. Technicals indicate that we might see Bitcoin kiss $10k in the coming days, however, $10k being a psycological number, it could also be the start of a big correction and an opportunity to go short.
On the 4H chart, we can see that the RSI and MACD have both made some bearish divergences, indicating that we could see the price go down in the near term. Apart from the indicators signaling a drop to come, price movement could be in the process of forming a H&S pattern. Now, we can't say for sure, atleast not until the bars have moved in that direction...but we can be on the lookout for the formation of a bearish pattern.
Now, all of this is my personal take on the market and shouldn't be seen as investment/trading advice, but, should we see the formation of a H&S pattern to support the indicators, price could move down towards $5600, perhaps even lower, back down to $4000 even.
Only time will tell. Good luck :)
Hi everyone, just an update on this idea. It seems that Bitcoin's price action may be in a rising wedge, driving the price higher. Possible target could be in the range of about $12k.