We can see 2 options here on BTC. It can be seen to have broken out of the first descending triangle to upside and now testing it as support, however it is struggling to find support and is trading within this triangle again.
As you can see it can also be drawn that BTC is still trading within an even larger descending triangle and is now on its way back to the lower trend line to test it as support once again, however we do believe that if this support is tested again it might not hold this time.
We can also see that BTC broke out above the 4hr red ichimoku but got rejected on the next candle. This is a very bearish sign for BTC as it shows the selling pressure is higher than the buying pressure.
All in all I don't see any good signs for BTC as of yet and the bulls will need to take control soon.
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Disclaimer: The content covered in this channel is NOT to be considered as investment or trading advice.
I am NOT a financial adviser. These are only my own speculative opinions, ideas, theories, hypotheses and trade setup ideas on the market. The content posted in this channel is purely for entertainment purposes only and the information is NOT to be used or replicated by others.
As you can see it can also be drawn that BTC is still trading within an even larger descending triangle and is now on its way back to the lower trend line to test it as support once again, however we do believe that if this support is tested again it might not hold this time.
We can also see that BTC broke out above the 4hr red ichimoku but got rejected on the next candle. This is a very bearish sign for BTC as it shows the selling pressure is higher than the buying pressure.
All in all I don't see any good signs for BTC as of yet and the bulls will need to take control soon.
-
-
-
-
-
-
-
Disclaimer: The content covered in this channel is NOT to be considered as investment or trading advice.
I am NOT a financial adviser. These are only my own speculative opinions, ideas, theories, hypotheses and trade setup ideas on the market. The content posted in this channel is purely for entertainment purposes only and the information is NOT to be used or replicated by others.