Looking at the Bitcoin Chart today, I see signs of weakness.
The chart is forming a descending triangle pattern, which is considered bearish.
A retest of $6500 is likely. This is an area of good support, since it's supported by the 50 MA as well.
If this area doesn't hold, we might go down all the way to $6300 - $6200 again.
If we went that far, I wouldn't be surprised to see a further breakdown, since the hopes of bulls got crushed again.
RSI
While the RSI on the 1 hour timeframe is slowly creeping towards the oversold territory, the 4 hour timeframe has a lot more room to go down.
Altcoins
We had some strong FOMO on alts over the weekend, so they probably drop even the lower.
The ones that pumped the most are probably going to fall the hardest.
Stop-Order Hunts
Over the weekend, we saw some major stop-order hunts on Longs across all exchanges. I rather consider this bullish, it seems like someone wanted some better entries.
Have a nice day!
The chart is forming a descending triangle pattern, which is considered bearish.
A retest of $6500 is likely. This is an area of good support, since it's supported by the 50 MA as well.
If this area doesn't hold, we might go down all the way to $6300 - $6200 again.
If we went that far, I wouldn't be surprised to see a further breakdown, since the hopes of bulls got crushed again.
RSI
While the RSI on the 1 hour timeframe is slowly creeping towards the oversold territory, the 4 hour timeframe has a lot more room to go down.
Altcoins
We had some strong FOMO on alts over the weekend, so they probably drop even the lower.
The ones that pumped the most are probably going to fall the hardest.
Stop-Order Hunts
Over the weekend, we saw some major stop-order hunts on Longs across all exchanges. I rather consider this bullish, it seems like someone wanted some better entries.
Have a nice day!
