Bitcoin dropped 55% after the bearish Supertrend Ninja - Clean signal (red vertical line on the background). In a possible bearish scenario Bitcoin might possibly drop to 12,000 USD, completing wave 5 of the Elliot Wave (blue lines). Or in the worst case scenario around 5,300 USD according to Elliot Wave.
Bitcoin is still in the Bearish Zone of the Ichimoku Cloud. The RSI is still in a range at 44. RSI Brown at 75. If we take a look at the Average Directional Index ( ADX DI) its indecisive, as it is ranging. Currently Bitcoin is above its middle Bollinger Band, Band Basis 20 Period SMA . While it is above the LSMA. In short the technical indicators are indecisive as we are still in a range for Bitcoin. While I am more bullish (see previous Analysis) than bearish. I find it important to take into account both scenario's.
Remember to always take profits and use proper risk management!
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
What Indicators Do I Like To Use:
I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for possible downtrends.
Bitcoin is still in the Bearish Zone of the Ichimoku Cloud. The RSI is still in a range at 44. RSI Brown at 75. If we take a look at the Average Directional Index ( ADX DI) its indecisive, as it is ranging. Currently Bitcoin is above its middle Bollinger Band, Band Basis 20 Period SMA . While it is above the LSMA. In short the technical indicators are indecisive as we are still in a range for Bitcoin. While I am more bullish (see previous Analysis) than bearish. I find it important to take into account both scenario's.
Remember to always take profits and use proper risk management!
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
What Indicators Do I Like To Use:
I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for possible downtrends.
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