BTC got no volume at the moment, kept decreasing as of 25/05, probably gonna be a week end where we're gonna see some "momentum ignition strategy" (Bart Simpson if you prefer). No volume makes BTC easier to manipulate and MM's (Market Makers) are gonna use it to their profit.
So, on this pattern i got a symmetrical triangle which is forming but lacks some touches i guess and i'm not really going to focus on it.
I'm more focused on the bear flag pattern i just highlighted here, which has been forming for the past few days.
So here's what I see, as i said we lack volume, so i see a fake-out which is gonna break the flag upward. We'll then lack pushing power to break the .618 fib at 7.7k (been trying to break 7.6k for 2 days now w/o success), get a major rejection and dump pretty hard probably not holding the .786 fib (7.2k) nor the bottom orange trend line, aiming for something like 6.8k to 6.4k max which would be another fib.
note: if we hold the .786 (7.2k) we might have a bounce, but in the end, unless we see convincing volume this should not be the bottom and we should be heading for lower.
So, on this pattern i got a symmetrical triangle which is forming but lacks some touches i guess and i'm not really going to focus on it.
I'm more focused on the bear flag pattern i just highlighted here, which has been forming for the past few days.
So here's what I see, as i said we lack volume, so i see a fake-out which is gonna break the flag upward. We'll then lack pushing power to break the .618 fib at 7.7k (been trying to break 7.6k for 2 days now w/o success), get a major rejection and dump pretty hard probably not holding the .786 fib (7.2k) nor the bottom orange trend line, aiming for something like 6.8k to 6.4k max which would be another fib.
note: if we hold the .786 (7.2k) we might have a bounce, but in the end, unless we see convincing volume this should not be the bottom and we should be heading for lower.