Hi guys. Whats up ? What do you do in bearish market ? ;-)
In these days we are in very important zone, but why ?
As you see in 240 time frame, after December 17, 2017, BTCUSD moved in the descending triangle and couldn't breakout this pattern until now.
We are near the end of this pattern and the bitcoin should make an important decision. Up or Down ?
But before that i think bitcoin will touch bottom of the pattern at 5800 $. I have several reason for this opinion.
1- We are in very powerful and multi layer resistance zone as follow:
A) Big and strong descending kumo
B) Strong Senku Span A (thick green line)
C) Kijun Sen and Tenkan Sen that play the role of a strong resistance and bullish candle couldn't breakout them with more than 50% of its body.
D) In weekly pivot point, bullish candle only touch R1 and couldn't break it.
E) Candles couldn't break out top of the descending triangle in 240 time frame. (Purple line)
2- The volume is low and if you focus on RSI you see a rising wedge that we know this is a downtrend pattern and considering the RSI is near to the over bought zone, maybe RSI move down and the price falls.
We must focus on the chart in coming days and see what the market decision is ? What do you think ?
Have a good and profitable trades.
In these days we are in very important zone, but why ?
As you see in 240 time frame, after December 17, 2017, BTCUSD moved in the descending triangle and couldn't breakout this pattern until now.
We are near the end of this pattern and the bitcoin should make an important decision. Up or Down ?
But before that i think bitcoin will touch bottom of the pattern at 5800 $. I have several reason for this opinion.
1- We are in very powerful and multi layer resistance zone as follow:
A) Big and strong descending kumo
B) Strong Senku Span A (thick green line)
C) Kijun Sen and Tenkan Sen that play the role of a strong resistance and bullish candle couldn't breakout them with more than 50% of its body.
D) In weekly pivot point, bullish candle only touch R1 and couldn't break it.
E) Candles couldn't break out top of the descending triangle in 240 time frame. (Purple line)
2- The volume is low and if you focus on RSI you see a rising wedge that we know this is a downtrend pattern and considering the RSI is near to the over bought zone, maybe RSI move down and the price falls.
We must focus on the chart in coming days and see what the market decision is ? What do you think ?
Have a good and profitable trades.