Btcusd doesnt look so good but like i said before we had a huge parabolic run and we need a retrace in price action.
This kind of price action can not go on. One think it can when one is in the middle of a parabolic run and winning huge amounts of money but it is a delusion.
We had a ascending triangle which price break downward with volume decreasing which means bearish price action can occur.
I expect btc price have a huge downward momentum if price brokeout below the 54500 area with huge volume.
Price can go as low as 45k area. Price can linger around 50k area but after 54500 area breaks i expect around 45000 for price to settle.
This is not a bad thing! Price should retrace and consolidate before going higher. As long as government doesnt ban BTC we are good to go.
Right now i dont expect a long-term bearish market for altcoins but i do think it is still to early too talk. We need at least couple more candlesticks on daily chart if not on weekly!
This kind of price action can not go on. One think it can when one is in the middle of a parabolic run and winning huge amounts of money but it is a delusion.
We had a ascending triangle which price break downward with volume decreasing which means bearish price action can occur.
I expect btc price have a huge downward momentum if price brokeout below the 54500 area with huge volume.
Price can go as low as 45k area. Price can linger around 50k area but after 54500 area breaks i expect around 45000 for price to settle.
This is not a bad thing! Price should retrace and consolidate before going higher. As long as government doesnt ban BTC we are good to go.
Right now i dont expect a long-term bearish market for altcoins but i do think it is still to early too talk. We need at least couple more candlesticks on daily chart if not on weekly!
