Hello Crypto Fam! We're following up on how BTCUSD is doing on the Daily chart since our last analysis.
On our previous BTC post, BTC was riding the top of our downtrend channel fighting to stay above it and then took a dive back down into our downtrend channel. Remember BTC has been inside this downtrend channel since mid June 2019. We currently just broke out above it on Dec 22, trying to make a case to see where we go next.
Case for the Bears:
1. We saw a Death Cross on 11/24 on the daily BTCUSD
2. We're still in a downtrend
3. We have a lot of key levels to break through before the bulls can gain control: 50 and 200 Moving Averages, the $9050 mark
Case for the Bulls:
1. We are seeing volume slowing down and looks like the bears are running into a bit of exhaustion
2. RSI & MACD showing some bullish consolidation
3. We are out of the Mid June Downtrend channel
4. The last Lower Low was almost the same as the previous Lower Low (double bottom)
5. Possible falling wedge formation
Where do we go from here:
We're still in a bearish trend, but I do look what I'm seeing for the bulls. Looks likely that we may dip into the $6000's levels again before starting the next run up. We're turning Neutral from bearish at the moment. Waiting to see what the Bulls do to kick off the New Year.
Shoot us a like and follow and we'll be back with some updates.
BTCUSD
Cheers!
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.
On our previous BTC post, BTC was riding the top of our downtrend channel fighting to stay above it and then took a dive back down into our downtrend channel. Remember BTC has been inside this downtrend channel since mid June 2019. We currently just broke out above it on Dec 22, trying to make a case to see where we go next.
Case for the Bears:
1. We saw a Death Cross on 11/24 on the daily BTCUSD
2. We're still in a downtrend
3. We have a lot of key levels to break through before the bulls can gain control: 50 and 200 Moving Averages, the $9050 mark
Case for the Bulls:
1. We are seeing volume slowing down and looks like the bears are running into a bit of exhaustion
2. RSI & MACD showing some bullish consolidation
3. We are out of the Mid June Downtrend channel
4. The last Lower Low was almost the same as the previous Lower Low (double bottom)
5. Possible falling wedge formation
Where do we go from here:
We're still in a bearish trend, but I do look what I'm seeing for the bulls. Looks likely that we may dip into the $6000's levels again before starting the next run up. We're turning Neutral from bearish at the moment. Waiting to see what the Bulls do to kick off the New Year.
Shoot us a like and follow and we'll be back with some updates.
BTCUSDCheers!
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.