Too much bearish content to ignore on this chart!
I am not claiming to be a chart expert, however what I see is a lot of bearish sentiment in BTC/USDT right now. If you look at the large red
bearish descending triangle patter we have been in since early 2017 at the end of the last bull run, we have respected it perfectly. It also has not been able to break above $10,400 and stay for a long period of time, other than a few short lived false breakouts, only to drop below and stay. (purple line) Which was what I see as a false breakout to try to get above $10k. It was too weak. Next we have a significant rising wedge pattern we are currently in (yellow) and have been respecting it also, which the last strong bearish candle we had yesterday pierced the bottom of, looks like we are in a small pull back today, but I believe we will break to the down side. If you look at every singe rising wedge, or ascending triangle we have had, we broke to the down side. (see chart). Finally we have bearish divergence in the Fisher Transformer. What I see is BTC making a large move to the downside. 1st target $8200, next support is $6812, lastly it is possible we see a larger move to the downside by the end of the year to the bottom of the red triangle at $4000. That will be the final test. If it breaks that.....its going down to around $2500. We shall see.
bearish descending triangle patter we have been in since early 2017 at the end of the last bull run, we have respected it perfectly. It also has not been able to break above $10,400 and stay for a long period of time, other than a few short lived false breakouts, only to drop below and stay. (purple line) Which was what I see as a false breakout to try to get above $10k. It was too weak. Next we have a significant rising wedge pattern we are currently in (yellow) and have been respecting it also, which the last strong bearish candle we had yesterday pierced the bottom of, looks like we are in a small pull back today, but I believe we will break to the down side. If you look at every singe rising wedge, or ascending triangle we have had, we broke to the down side. (see chart). Finally we have bearish divergence in the Fisher Transformer. What I see is BTC making a large move to the downside. 1st target $8200, next support is $6812, lastly it is possible we see a larger move to the downside by the end of the year to the bottom of the red triangle at $4000. That will be the final test. If it breaks that.....its going down to around $2500. We shall see.