BillCharison

$BITCOIN - Still Bearish

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is going to correct the downward movement because of the local reversal pattern and a convergence on RSI . However, when we look at the 1H chart, we see that the price broke down the downward channel and now the global vector is directed down.

The local upward correction can end now, but can go a little bit higher, to the zone of $10270 - $10470, where the ascending resistance is located. In case the price will re-test this resistance, the probability of falling lower than $10000 will increase up to 87%. Targets of the downward movement are $9760 - $9640.
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Comments

in short term it can be little bearish. But I don't expect it to go lower much.
Our bigger picture
+1 Reply
any updates or we still going down ?
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BillCharison styletokill
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great post! my post in end of Aug is still in play, follow me, easy trading!
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Nice take I do believe we will continue a downward movement, yet I think there is a chance of a breakout as well. Just need to be a little patient before entering a position.
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Thanks
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