On the 1 day chart, Bitcoin is now below the 200 and the 233 EMA . (yellow and orange)
The 20 SMA (pink) has met the consolidation triangle at the top of the current candle. Usually the price of bitcoin follows the 20 SMA closely if you look at the past price action.
Yesterday we had a bearish engulfing candle.
With the combination of these things, I would...
The 10 hour chart on Bitcoin looks super bearish in my opinion. Price is below the cloud. The 50 SMA is pointing down and bitcoin hasn't been able to get back above the 50 SMA on hardly any of the hourly time frames.
Bitcoin has closed within the 8 hour Ichimoku Cloud and could be looking at an edge to edge move inside of the cloud.
The Tenkan (blue) has crossed over the Kijun (orange) which suggests a bullish continuation.
Future forecast for the Tenkan (blue - short term moving average), Kijun (orange - long term moving average), & Senkou Spans (cloud - red resistance & green support) is provided on the chart for the daily timeframe.
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With the new monthly candle for June, we have a confirmed strong sell signal on the monthly chart for the first time since 2017 via the Wavetrend Oscillator.
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Looks like a possible continuation triangle pattern with volume /distribution towards the top of the triangle.
ABCDE pattern could be completed with possible break down/continuation to the downside in the future.
Recent price action slightly broke out of the triangle pattern but it looks like that was to go up and touch the volume point of control which was...
Currently, Bitcoin is in a No Trade Zone in my opinion. I don't see a great signal in either direction.
I would like to see BTC move up to somewhere between 45-47k next but could definitely see the possibility of it falling to the 18-20k area just as easily.
When trading, I suspect that most people lose money easily in the midranges where the price action is...