Bitcoin chart has printed inverse Head and Shoulders pattern on 1h time frame. The neckline has broken above and I expect the price to go up to around 35500 USDT. Let's see how BTC is doing in next 24h.
As we can see on the graph (logs scale) Bitcoin has broken the red support line. It seems the breakdown is confirmed by retesting the support line.
If we considered that technical indicators like MACD are bearish also, it strengthens our prediction that BTC is going down.
The next support zone could be the 30k-32k zone.
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BTCUSDT is forming bulish flag pattern and it's now testing 3 support lines, as pointed on chart - blue, red and green lines on the chart.
If we break down these support lines, next support could be found around 34k-35k support zone. If we break up 43k target could be reach.
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Bitcoin price is in the critical phase. The big triangle forming last 7 months is to be broken in coming days. Downward or upward? There are many indicators for both scenarios, so be careful. Wait for a strong signal before making any trading decision.
Rising volume with price declining is a bearish sign. We can expect the continuation of downtrend to next support zone, around 8800-9000.
Another scenario is that BTCUSD is already bounced back at 9400 level.
Please, note that this is Education material, not financial advice.
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According to candlestick charting criteria, we could determine a few signs of bearish implication (reversal patterns):
1. Hanging man candlestick (could be interpreted as dragonfly doji)
2. Shooting star
3. Double top as a strong reversal pattern (blue dotted line)
And an additional bearish sign:
4. A decrease in price volume
These are enough signs for pattern...
Wait until the end of the day and see if this candlestick will close as a bearish shooting star or even gravestone doji. If yes, and price in next candlestick is trading below shooting star real body, then it could be a strong bearish pattern as we saw on Feb 20.
BTCUSD is touching main resistance line again! Next hours could be very interesting for watching.
BTC is still between SMA50 and SMA20, which makes this watching more exciting!
If BTC succeeds to break main resistance line and close today's trade above SMA50, then we can expect further rise with confidence.
If BTC fails to break resistance line, we can expect...
Bitcoin is currently between SMA20 and SMA50.
In next hours and days, we will see whether BTC will bounce back from SMA20 line (in that case SMA20 could become further support zone) or BTC will continue to fall deeply.
Result of all day fight between bulls and bears is a GRAVEYARD DOJI, the candlestick we must take seriously! If the price trade (and close) bellow the doji, then we can expect further fall down.
Please, be careful!
As we can see on LTCUSD 3h chart, bearish shooting star is formed after a bulls rally.
For now, PRICE TRADE BELLOW SHOOTING STAR'S REAL BODY, which is confirmation of bearish pattern, and if latest candlestick close red, then it will be a stronger bearish sign.
Bitcoin is approaching its main resistance zone (orange line on the graph).
Next 48h is very important: BTC could continue its upward trend or decline to lower support zone (possibly 6k).
Watch closely next 48h!
After a rising pattern (recent days), LTC was facing 2 bearish signs yesterday night:
1. Price was rising and volume was declining = uptrend (bulls) weakening!
2. Bearish harami cross closed yesterday's trade. Harami cross is considered as a strong reversal sign.
And the pattern has reversed.
How long, we will see.
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