BTC Analysis
BTC is showing signs of weakness in most of the indicators. Volume is decreasing, which means that price could be easily manipulated. Also on the chart, we can see the H&S pattern, which is one of the most accurate trends reversal patterns in trading.
Furthermore, if bears want to dump price, the easiest way to do it is to liquidate some stop-losses above 8054$ and with that momentum to push the price in the opposite direction. I expect one stop-run till 8200$, then fall.
I marked potential support where price could land. Blue dotted lines are the previous swing highs, and white lines are HTF supports and resistances.
Enjoy Analysis!
BTC is showing signs of weakness in most of the indicators. Volume is decreasing, which means that price could be easily manipulated. Also on the chart, we can see the H&S pattern, which is one of the most accurate trends reversal patterns in trading.
Furthermore, if bears want to dump price, the easiest way to do it is to liquidate some stop-losses above 8054$ and with that momentum to push the price in the opposite direction. I expect one stop-run till 8200$, then fall.
I marked potential support where price could land. Blue dotted lines are the previous swing highs, and white lines are HTF supports and resistances.
Enjoy Analysis!
Comment:
Also fear and greed index is showing 49, which I consider very greedy for the bear market.
