Bitcoin is bullish? Not Yet, Still chance to drop below 6500$
Bulls's hopes are back with a break out above 7700$ yesterday, next resistance is at 8100-8300$. Bulls are on high hopes again, which will be shattered soon.
Let's look at the 12H Timeframe to understand upcoming price action.
1. Bitcoin is following fractals in the current market, it had followed in the past, will keep doing. The current price action is looking very similar to highlighted Fracalts where Bitcoin dropped after touching 8800$ and made new local lows afterwords.
2. 50 MA on 12H is key resistance, We can clearly see in the highlighted fractals- Bitcoin rejected from 50MA - 12H.
3. Candlesticks are on TD8 right now, TD9 is considered as Reversal candles on 4H,12H. In the last few days, Bitcoin is following TD Pattern perfectly, Price got reversed on TD9 - in last two times - which you can notice on 4H Chart.
4. The good thing is: Bitcoin will defend 21MA support on Monthly, and bitcoin should find bottom in the next 2-3 weeks.
I think this will be the final drop from here, then bitcoin could find a bottom and rise further.
Trade Signal:
Direction: SHORT
Entries: 8100-8300$
Exit: 6400-6700$
STOP: 8500$
Let's look at the 12H Timeframe to understand upcoming price action.
1. Bitcoin is following fractals in the current market, it had followed in the past, will keep doing. The current price action is looking very similar to highlighted Fracalts where Bitcoin dropped after touching 8800$ and made new local lows afterwords.
2. 50 MA on 12H is key resistance, We can clearly see in the highlighted fractals- Bitcoin rejected from 50MA - 12H.
3. Candlesticks are on TD8 right now, TD9 is considered as Reversal candles on 4H,12H. In the last few days, Bitcoin is following TD Pattern perfectly, Price got reversed on TD9 - in last two times - which you can notice on 4H Chart.
4. The good thing is: Bitcoin will defend 21MA support on Monthly, and bitcoin should find bottom in the next 2-3 weeks.
I think this will be the final drop from here, then bitcoin could find a bottom and rise further.
Trade Signal:
Direction: SHORT
Entries: 8100-8300$
Exit: 6400-6700$
STOP: 8500$
Trade closed: target reached