Hello friends and family! it's the 17th of may and i would like to welcome you all to this analysis on bitcoin! Recently Bitcoin has shown some tremendous momentum to the downside and by looking at the chart it looks like the bears are not done yet.
It was a crucial moment for the bulls and bears to see whether the bulls were able to break the 1200ema and downchannel (purple line) or that the bears would bring the price down again. Soon enough we noticed that the bulls were not strong enough to get through the 1200ema and downtrend channel and from there on we made a drop again from 8.9k to 8.2k. I myself traded from 8.864 to 8500 and took some nice profits :)
Currently Bitcoin is still in the downtrend channel and it looks like it's builduing a small ascending wedge that might end up in some red candles to the 8.2k - 8k. This however is no financial advice and is just my analysis on BTC on what might happen.
You can also clearly see that the RSI is somehow wiggling between twoo trendlines on the RSI and the stoch RSI is at a nice peek aswell which might indicate that the price is going further down. As for the 4 hour time frame we are still in de middle of the stoch RSI and there is still some room left for the bulls to finish that ascending wedge. It's just about patience now and seeing if the bulls are able to test that upper purple line of the downtrend channel!
I myself am just going to wait in patience and in the meantime i am going to focus on other important stuff ;)!
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