It seems to be time for the Digital Gold to take Breath.
After having a decent run for the past 12 months Bitcoin seems to get some relief for the sake of its healthy and strong uptrend movement.
So What do we have in the market right now?
In this post I will cover the scenarios related to the 1D time frame. As we all know the space we found in crypto is so much dependent on fundamentals the ETF was one big thing which runs the market for the past 6 months. And as we all know the game is played holding the motto "Buy the Rumor, Sell the News" most of the long position holders are going short and might as well be moving to
ETH
- the next contestant to get an ETF approval.
For now Bitcoin just showed a bearish sign forming a rising wedge break out and MACD turning bearish for the short term. Besides a bearish divergence is already formed if you can see on the chart depicted by the yellow broken line. A retest of the rising wedge support line is possible while bulls try to get the throne back again.
In addition candle stick behavior is also showing bearish sentiment if we consider the recent moves
BTC
made forming an inverted hammer like with a strong bearish candle formation.
For now I am seeing
BTC
correcting in the short term. I will be updating which prices to watch closely. If things go as expected in the same manner as it is the breakout confirmation will most probably take Bitcoin to the recent 50% fib level at around $37K area. After watching out for the retest move and considering the ichimoku cloud on the lower time frame will be our confirmation.
So What do we have in the market right now?
In this post I will cover the scenarios related to the 1D time frame. As we all know the space we found in crypto is so much dependent on fundamentals the ETF was one big thing which runs the market for the past 6 months. And as we all know the game is played holding the motto "Buy the Rumor, Sell the News" most of the long position holders are going short and might as well be moving to
ETH
- the next contestant to get an ETF approval. For now Bitcoin just showed a bearish sign forming a rising wedge break out and MACD turning bearish for the short term. Besides a bearish divergence is already formed if you can see on the chart depicted by the yellow broken line. A retest of the rising wedge support line is possible while bulls try to get the throne back again.
In addition candle stick behavior is also showing bearish sentiment if we consider the recent moves
BTC
made forming an inverted hammer like with a strong bearish candle formation. For now I am seeing
BTC
correcting in the short term. I will be updating which prices to watch closely. If things go as expected in the same manner as it is the breakout confirmation will most probably take Bitcoin to the recent 50% fib level at around $37K area. After watching out for the retest move and considering the ichimoku cloud on the lower time frame will be our confirmation.
Trade active:
BTC
is doing its job as precisely predicted on our insight earlier this week. Looking for DCA options is a smart move too. For now trade is still active and moving as we really wanted it move. Stay tuned for more updates.
BTC
is doing its job as precisely predicted on our insight earlier this week. Looking for DCA options is a smart move too. For now trade is still active and moving as we really wanted it move. Stay tuned for more updates.
Comment:
Trade active:
Bitcoin doing its job just as exactly as we predicted. Everything is still going as planned and will update if anything in the middle happens.
Trade active:
Same here on the original setup we shared on this post.
