BTC has had a nice run, but traders may be ready to take some profits. RSI on the 3 and 4 hour charts has had lower highs since December and it just touch the top of the triangle. If this pattern holds true, then BTC will drop again, possibly to retest the 5-6000 resistance level and potentially lower. MACD also shows a similar triangle formation that needs to be broken through before there is clear evidence that this bear trend is reversing.
If the RSI trend is broken, then it suggests good news for BTC. I am going to be watching this closely.
Harmonic patterns have been present since the Dec downturn and also suggest BTC may still go lower.
This isn't a trade recommendation, but highlighting a potential change. If it drops, it may drop very quickly to recent lows or even lower.
Best of luck.
If the RSI trend is broken, then it suggests good news for BTC. I am going to be watching this closely.
Harmonic patterns have been present since the Dec downturn and also suggest BTC may still go lower.
This isn't a trade recommendation, but highlighting a potential change. If it drops, it may drop very quickly to recent lows or even lower.
Best of luck.
Comment:
Note - the red lines on MACD and RSI are for the 4 hour. The other lines are relative to other time scales and can be ignored for this analysis.
Comment:
On the 2-hour chart, it looks like we're approaching the moment of truth as to whether BTC can push through the recent patterns seen in both MACD and RSI. If it pushes through, we're likely to see continued uptrend. If not, it will likely retest the lows at least 1 more time.
