Bitcoin is still bearish on the daily timeframe. Careful!
Hi everyone,
Indicators & Trends:
Ichimoku Cloud very bearish on every line/indicator.
EMA ribbons bearish as well.
Clear downwards regression trend on a daily.
Summary:
Looking at BTC price history, bitcoin tends to follow the indicators on a daily interval, whereas other timeframes are more uncertain. We might have temporarily price increases, such as right now, but as trading goes, I would remain neutral and see what happens. The situation with China and the hash rate drop might be over or not (hard to say more about that right now). Even though, the market is bearish right now, people still seem bullish - I'm afraid a bull trap could be forming. Overall, we are likely to see further downwards movement to these levels described below:
Levels:
Down1 -> $24k
Down2 -> $17,5-$18,5k (range)
Indicators & Trends:
Ichimoku Cloud very bearish on every line/indicator.
EMA ribbons bearish as well.
Clear downwards regression trend on a daily.
Summary:
Looking at BTC price history, bitcoin tends to follow the indicators on a daily interval, whereas other timeframes are more uncertain. We might have temporarily price increases, such as right now, but as trading goes, I would remain neutral and see what happens. The situation with China and the hash rate drop might be over or not (hard to say more about that right now). Even though, the market is bearish right now, people still seem bullish - I'm afraid a bull trap could be forming. Overall, we are likely to see further downwards movement to these levels described below:
Levels:
Down1 -> $24k
Down2 -> $17,5-$18,5k (range)
Comment:
Still the same today.