1. Since 5 weeks, BTC is in downtrend = Red candles since 5 weeks.
2. Doji formation for 3 continuous weeks = Indicating trend reversal
3. BTC is still above the tenkan sen line which indicates its still in bull trend, but other signals show a possibility of trend reversal.
4. If BTC price falls, we will see a strong support at Kijun sen line around $1900.
5. If BTC breaks that support then next strong support is at 0.618 fib level around $1200 - $1300.
6. During the previous bear trend, we see that price broke the Kijun sen support and rested at 0.618 level.
7. Stochastic signalling bear trend
8. RSI in overbought signalling BTC correction is due.
All these factors suggest we may see a big BTC downfall over the coming weeks before another leg up.
Follow my steemit and twitter too for more updates
twitter.com/crypto_s...s/884463735779098627
2. Doji formation for 3 continuous weeks = Indicating trend reversal
3. BTC is still above the tenkan sen line which indicates its still in bull trend, but other signals show a possibility of trend reversal.
4. If BTC price falls, we will see a strong support at Kijun sen line around $1900.
5. If BTC breaks that support then next strong support is at 0.618 fib level around $1200 - $1300.
6. During the previous bear trend, we see that price broke the Kijun sen support and rested at 0.618 level.
7. Stochastic signalling bear trend
8. RSI in overbought signalling BTC correction is due.
All these factors suggest we may see a big BTC downfall over the coming weeks before another leg up.
Follow my steemit and twitter too for more updates
twitter.com/crypto_s...s/884463735779098627
Comment:
A sharp drop this week. BTC has been declining this entire week inching closer towards $1900 support
Comment:
Perfect bounce around 0.382 fib / Kijun sen
However don't get too complacent on your long trades cause we are heading soon towards the rectangle of resistance.
However don't get too complacent on your long trades cause we are heading soon towards the rectangle of resistance.