On the daily timeframe bitcoin has shown a bearish divergence on its RSI, I believe it will still make its way to around the 51k resistance and then take a tumble down to its 41k support and possible dip towards the 35k support.
This is a good opportunity to buy if you haven’t in my opinion.
This is post will not be in depth. I just wanted to keep this one record.
Bitcoin will still go lower, I personally feel like within the next 5 weeks we will be back down to the 28.7k support and possibly take a trip to the 16 -24k region, if not longer From there we will build back up to match all time highs by the end of the year and go to astronomical...
Just a quick look at the recent pump:
As you can see we’ve just broke the trendline after a pump, however, one thing you can notice is lack of volume. This is often a sign of a fakeout which has happened previously after the crash.
Obviously nothing is certain, but I am still very bearish on crypto and believe this is the final pump(bull trap) before crypto has...
ETH has bounced out the supply zone for the 3rd time. If it continues it’s trend and hit the downward trendline we will see a crash in crypto within 3 weeks.
However, there is always the chance it breaks the downwards trend and begins to slowly build back up.
Bitcoin has broken through all trendlines and is continually forming bear flags on its way down to the 28740 level on the 1hr.
It’s currently forming a large bearish flag on the 1hr, which if broken down will likely cause bitcoin to drop to the 28740 level and most likely break through it and break down through supports towards the 16-24k price range. But could...
Made a previous post about this but as you can see it managed to stay in the formation with a false break, you can tell obviously as it went back to it’s trend but also as there was a lack of volume.
However, we shall see is this massive bearish pennant breaks downwards.
Bitcoin looks to be forming bearish pennant on the daily. Within 4 days we’ll definitely see a break, but will most likely see it in 2 or 3. It will most likely break downwards due to the nature of the formation and test the major trend at around 30k. However, it can always break upwards so we will wait to see confirmation on which way it breaks.
The NASDAQ hit its major trendline last month and has since bounced off it. This last happened in 2006, where in the following 5 months it continued to drop just under 50%.
And the first time it touched the trendline it dropped around 71%, 9 months after the touch.
History repeats itself, but not all patterns are the same.
With this in mind, based in previous...
Descending triangles are bearish continuation patterns. However, triangles can be unreliable so well have to see what happens.
But still bearish on crypto, I expect BTC to reach 16-24k and ETH around the 1260 level.