Looking weak to the downside right now.
This looks to me like BTC is currently breaking a trend line coming from the lows around 3800. (Looks like a bearish rising wedge of some sort).
I am targeting a move towards $4950, and potentially $4700. Third target being around $4680. If the next hourly candle closes below $5375 then this will strengthen the bearish move down.
- Stochs are weak.
- RSI is down and lost the EMA heading into the BControlZone.
- MACD weakening further and about to cross bearish (on the hourly).
Stop-loss: $5560, the opening break-down candle.
This looks to me like BTC is currently breaking a trend line coming from the lows around 3800. (Looks like a bearish rising wedge of some sort).
I am targeting a move towards $4950, and potentially $4700. Third target being around $4680. If the next hourly candle closes below $5375 then this will strengthen the bearish move down.
- Stochs are weak.
- RSI is down and lost the EMA heading into the BControlZone.
- MACD weakening further and about to cross bearish (on the hourly).
Stop-loss: $5560, the opening break-down candle.
