NOT FINANCIAL ADVICE
Bitcoin is currently forming a massive head and shoulders pattern on the daily chart with a clear cut neckline playing as support. Conformation of this pattern will break the 9.4k support and send us into the next closest area of support down in the 7-8k range. Ironically the 8.5k CME Gap is in that range... coincidence, I think not.
Daily MACD turning a bearish cross (massive sell signal for Algos)
Weekly MACD already in the red
Descending Triangle coming to a close, with H&S pattern. Double Bearish indications
I am long term bullish on BTC but prepared to face some short-mid term downside before the next massive leg up.
Lets see how it plays out.
Bitcoin is currently forming a massive head and shoulders pattern on the daily chart with a clear cut neckline playing as support. Conformation of this pattern will break the 9.4k support and send us into the next closest area of support down in the 7-8k range. Ironically the 8.5k CME Gap is in that range... coincidence, I think not.
Daily MACD turning a bearish cross (massive sell signal for Algos)
Weekly MACD already in the red
Descending Triangle coming to a close, with H&S pattern. Double Bearish indications
I am long term bullish on BTC but prepared to face some short-mid term downside before the next massive leg up.
Lets see how it plays out.