BTC Bitcoin: S/R and Bearish Patterns

Hello friends, today you can review the technical analysis idea on a 1D linear scale chart for Bitcoin (BTC).

The chart is self-explanatory. There are multiple bearish patterns noted in the chart. RSI and MFI have been moving up very quickly but Volume has been declining after the recent pump. The $47K-49K region is extremely important with Fibonacci Retracement, Ichimoku Cloud, Multi-month Support and Resistance Line and top of the EMA ribbon coming together. I would be cautious until we pass that price area. If you are going long, consider a tight stop loss.

Technicals shown in the chart: Trend line, Support and Resistance Trend Line, Rising Wedge Pattern, Relative Strength Index, MFI, Double Top Pattern, EMA, Simple Moving Average, Death Cross, Head and Shoulders Pattern, Fibonacci Retracement and Volume.

If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.

Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk

Comment:

Beautiful re-test failure exactly as predicted. Don't say I didn't tell you earlier.

Comment:

Price rejected again at the 0.786 Fib level.