Bitcoin broke down out of its bullish pennant it has been forming over the past few days. We can see it is now printing a possible bear flag on the hourly chart, and that indicates that we could see more downside.
6000-6200 remains a strong support area, so that might be an area of interest for reentry. I'm personally watching 6250 and 6150 as shown in the chart.
Happy trading!
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
Comment
⋅
Additionally, we got a bearish MACD cross on the 4 hour, RSI is turning down, Momentum is shifting back to the sell-side, and the Stochastic is turning down.
Comment
⋅
Bulls defended 6370 with some force. Forming an inverse H&S on the shorter time-frames, so we it could be enough to push us further to the upside. Our bull-pennant was invalidated, however, the bull-flag remains in play above 6370ish.