BTC is showing signs of weakness right now, and the institutionals have helped it drop yesterday night just before the trading floor closing, pushing the price to the trendline that supports the 3d formation .
On the chart you can see that the price is on the edge , depending on which side we get out of we will know what will come.
Scenario 1 Bearish :
We leave the Current support zone on the low side . This would kinda validate the head and shoulders patten that is drawn out. The projection for the finality of this move is looking grim , going all the way down to $17k-$18k. Until there we have some supports that will just pause the price descent but will probably not stop it.
Scenario 2 Bullish (less likely) :
An engulfing candle can reverse the trend, needs a lot of institutional help because the retail marked is shivering. If we manage to have this 3d candle we will then have a fight with the 0.618 Fib that has already rejected us. Cant say more for the upside until we get this candle. This would mean 3 consecutive days of green, week end is coming, kinda difficult to get .
What to do ?
If you are not in any position - wait
If you are in long positions - hedge and wait
If you are in short positions - you might make a lot of profit on the following moves , stop losses should be above 0.618 ($45000)
On the chart you can see that the price is on the edge , depending on which side we get out of we will know what will come.
Scenario 1 Bearish :
We leave the Current support zone on the low side . This would kinda validate the head and shoulders patten that is drawn out. The projection for the finality of this move is looking grim , going all the way down to $17k-$18k. Until there we have some supports that will just pause the price descent but will probably not stop it.
Scenario 2 Bullish (less likely) :
An engulfing candle can reverse the trend, needs a lot of institutional help because the retail marked is shivering. If we manage to have this 3d candle we will then have a fight with the 0.618 Fib that has already rejected us. Cant say more for the upside until we get this candle. This would mean 3 consecutive days of green, week end is coming, kinda difficult to get .
What to do ?
If you are not in any position - wait
If you are in long positions - hedge and wait
If you are in short positions - you might make a lot of profit on the following moves , stop losses should be above 0.618 ($45000)
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