Hello, dear subscribers!
Today we are going to talk about the warning sign which the market gave to us.
The Bitcoin price is going to form the big descending triangle. We can identify clearly three points at the upper and lower bands. Now the price is next to the lower band level. If the price is able to bounce off it we can see the upward move to the upper band.
Here are two significant reasons that it will be very difficult to continue the growth in the short run. First of all is the R1 pivot level rejection of $33000. This level was a very significant support level and now it is resistance. The second case is that the price always bounced off the 150 EMA line on the 4 hours timeframe during the last 4 months bullish rally, but now it is below this line and was rejected twice.
Also we can see that the volume have been decreasing during the triangle's formation and now it is really low. It is the sign that the big price move for the Bitcoin is upcoming. The negative scenario is the possible testing of the CPR level of $25000. Please be very careful!
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
Today we are going to talk about the warning sign which the market gave to us.
The Bitcoin price is going to form the big descending triangle. We can identify clearly three points at the upper and lower bands. Now the price is next to the lower band level. If the price is able to bounce off it we can see the upward move to the upper band.
Here are two significant reasons that it will be very difficult to continue the growth in the short run. First of all is the R1 pivot level rejection of $33000. This level was a very significant support level and now it is resistance. The second case is that the price always bounced off the 150 EMA line on the 4 hours timeframe during the last 4 months bullish rally, but now it is below this line and was rejected twice.
Also we can see that the volume have been decreasing during the triangle's formation and now it is really low. It is the sign that the big price move for the Bitcoin is upcoming. The negative scenario is the possible testing of the CPR level of $25000. Please be very careful!
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
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