Bitcoin Bullish Sentiment has Faded. Most probably going down.
Bitcoin's bullish sentiment has faded and although the bears are exhausted identified by the daily bullish divergence that occurred on the double bottom, the bulls have not been able to show true strength and take advantage of this moment, in this image I have made all of the supports green the bigger supports a thicker green bar. The price objective of the light blue pennant is somewhere in the low 5000, it is possible that bitcoin stops at one of the supports but I suspect that bitcoin will be going down in price soon even if there is some upside movement because the volume is low and now the bears have recovered enough strength to go down. Although there is still possible movement to the upside, bitcoin has lost its strength and it is unlikely that an inverted head and shoulder will occur, however, this is still a possibility it is just un likely.
My technical analytical skills are currently limited and I do not see any patterns currently that allow me to determine the next price objective. Best of Luck Trading!
Key points:
1.) Bullish sentiment is fading away, as price move upwards volume is decreasing. Bulls were not able to capitalize on the bear's exhaustion.
2.) The inverted head and shoulder is now unlikely to occur, for the bullish inverted head and shoulder to occur there needs to be strength around 6250. <= Now less probable
3.) A movement to lower lows is now more likely, however, it is possible that there are stops along the supports. <= most probable.
Last Analysis:
My technical analytical skills are currently limited and I do not see any patterns currently that allow me to determine the next price objective. Best of Luck Trading!
Key points:
1.) Bullish sentiment is fading away, as price move upwards volume is decreasing. Bulls were not able to capitalize on the bear's exhaustion.
2.) The inverted head and shoulder is now unlikely to occur, for the bullish inverted head and shoulder to occur there needs to be strength around 6250. <= Now less probable
3.) A movement to lower lows is now more likely, however, it is possible that there are stops along the supports. <= most probable.
Last Analysis:
Comment:
I have decided to draw a bear flag in orange, its price objective is around the low 5000 close to breaking 5000. However, I do not know how valid this flag can be.
Comment:
For the bullish I drew and ascending wedge with a price objective around 6250, this would form a bullish inverted head and shoulder, but this is also less likely. Due to the volume as well, I am not exactly positive on the validity of it being a true ascending wedge.
Comment:
I think it just broke down.
Comment:
Actually, the bulls are weak, bears are exhausted, it is most probably going to move sideways and then most probably break down. I do not suspect that it will make the inverted head and shoulders, but I sure hope it does.
Comment:
Hope still exists for a bullish reversal pattern! Currently there is a bullish divergence that occurred on the 15 minute time frame, hopefully, another movement down will occur with a bullish divergence on a higher time frame because the RSI would be able to recover a bit separating the movements downwards.
Comment:
Here is an image of and ideal right shoulder playing out, obviously, all my drawings are not accurate, but they are meant to give an idea of the possible move.