I still see a bear market.
Bitcoin broke through the local 1.62% downtrend line yes, but could not break the larger downtrend line.
Until it happens we are still in a bear paws.
---
Let's return to Technical Analysis .
I see the formation of the pattern "Head & Shoulders".
The pattern will be confirmed if the market fails under the neckline.
Stochastic RSI is in the overbought zone.
RSI shows a hidden bearish divergence = signal possible bearish trend continuation.
The market must break the downtrend line, 50% Fibonacci and resistance at 4050 to become bullish .
With current indicators I doubt that this is possible.
But any turns are possible, as we all know FOMO IS REAL, so here are the settings for the current situation:
— Stop Loss: above downtrend line and resistance line at 4050.
— Take Profit: near and below the first line of support at 3450.
Bitcoin broke through the local 1.62% downtrend line yes, but could not break the larger downtrend line.
Until it happens we are still in a bear paws.
---
Let's return to Technical Analysis .
I see the formation of the pattern "Head & Shoulders".
The pattern will be confirmed if the market fails under the neckline.
Stochastic RSI is in the overbought zone.
RSI shows a hidden bearish divergence = signal possible bearish trend continuation.
The market must break the downtrend line, 50% Fibonacci and resistance at 4050 to become bullish .
With current indicators I doubt that this is possible.
But any turns are possible, as we all know FOMO IS REAL, so here are the settings for the current situation:
— Stop Loss: above downtrend line and resistance line at 4050.
— Take Profit: near and below the first line of support at 3450.
Comment:
Also, on the hour chart I see I see the formation of a bearish rising wedge and a bearish divergence from the RSI indicators. which once again confirms the downward trend.
