jayanvarsani94
Short

BEARISH BITCOIN FORECAST - LARGE CORRECTION DUE

BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
STOCHASTIC: Indicator is severely overbought as well as the RSI & other oscillator indicators.

SCHIFF PITCHFORK: Median line has been well respected in the past and price is struggling to cross this large resistance area .

VOLUME: Breakout of the 8200~8400 level was not followed through with volume indicating the lack of buyers in the market. Volume over the last few days and this week has been very scarce which further leads to bearish indications.

FIBONACCI RETRACEMENT: Healthy corrections occur involve an approximate 30-50% drop which forms confluence and aligns with the Fibonacci 61.8 level.

MOVING AVERAGE: 200WMA may be retested and forecast of the moving average would also align with the same region of 5200-5800.

CANDLESTICK: With the week halfway through completion, a reversal Doji candlestick pattern is forming. Fruition of this pattern will increase the probability of the bearish price forecast.

CONCLUSION : Large correction due, expect a correction in the region of 30-50% to the 5200-5800 zone in the short to mid-term. Buying at current price is highly risky and is not recommended given the market conditions.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out