In the short term we may watch another dump in BTCUSD price action. The red down trendline + the green support line are forming a descending triangle which is a BEARISH signal for BTCUSD.
The right black arrow shows us that the target for this pattern is aiming for the U$ 6k support zone that we've found in the jan/feb big dip. The 38% FIB level (calculated over the 2017's big bull run) may act like a intermediary support zone. It's reasonable to wait for another touch in the red down trendline if you're willing to open a short position.
The RSI below 50% and the EMAs pointing down are 2 other bearish signals for the short term.
(TL;DR) BTCUSD may fall to 6k in the short term, but I'm still bullish over the long term.
The right black arrow shows us that the target for this pattern is aiming for the U$ 6k support zone that we've found in the jan/feb big dip. The 38% FIB level (calculated over the 2017's big bull run) may act like a intermediary support zone. It's reasonable to wait for another touch in the red down trendline if you're willing to open a short position.
The RSI below 50% and the EMAs pointing down are 2 other bearish signals for the short term.
(TL;DR) BTCUSD may fall to 6k in the short term, but I'm still bullish over the long term.
Trade active:
The expected drop in BTCUSD price have been confirmed. As I said previously, the price could drop until 38% FIB level as an intermediary target. After reaching this level, price started moving sideways.
Looking to 1h period, we can see a descending triangle is formed, maybe another dip is coming?
If this prediction confirms, the target is just below the 38% FIB level, meaning that it may be tested again sometime between today and tomorrow.
Looking for the bigger picture, at 1w period, the price action still looks sustainable. This week's candle is just above EMA82 + 38%FIB support. This candle closes march 19th, I think we can see some volatility but still close above it.
This movements are still confirming the Wyckoff Analysis I've made this february:
Remember: the first analysis shows the possibility of reaching the 6k level and it's still feasible, even though I don't think it's probable that we are going to stay there too long IF we ever made it to reach it.
Looking to 1h period, we can see a descending triangle is formed, maybe another dip is coming?
Looking for the bigger picture, at 1w period, the price action still looks sustainable. This week's candle is just above EMA82 + 38%FIB support. This candle closes march 19th, I think we can see some volatility but still close above it.
Remember: the first analysis shows the possibility of reaching the 6k level and it's still feasible, even though I don't think it's probable that we are going to stay there too long IF we ever made it to reach it.