I must say things are pretty much in control of bears right now. We have EMA 50, 100 and 200 acting as strong resistance levels, then we have a big trendline which we need to break in order to confirm a reversal.
The purple lines marked over here are crucial support levels from which BTC is expected to bounce. The red pennant usually gives a bear break and this pennant suggests we might go to $8600 levels before falling back to $5000 bottom. However, i do not expect this to happpen as if the black line is broken, bulls will get a much upper hand that might take us for a new bull run.
Right now it is very difficult to predict the outcome. Most of the RSI levels are over sold which suggest a bounce is incoming. We cant say that the bounce will resukt into a reversal as people completely lack confidence right now.
Therefore i suggest you to place tight stopm loss orders along with the bounce. If the bounce does not happen, you can use the marked support lines for trading.
Nonetheless, bottom is very near now. I analysed 2014 vs 2018 charts. There were similarities i must agree but the rate of fall BTC had in this dip makes it much less likely that we follow that now. So we might see a MAX $5200 bitcoin :)
Happy investing!
The purple lines marked over here are crucial support levels from which BTC is expected to bounce. The red pennant usually gives a bear break and this pennant suggests we might go to $8600 levels before falling back to $5000 bottom. However, i do not expect this to happpen as if the black line is broken, bulls will get a much upper hand that might take us for a new bull run.
Right now it is very difficult to predict the outcome. Most of the RSI levels are over sold which suggest a bounce is incoming. We cant say that the bounce will resukt into a reversal as people completely lack confidence right now.
Therefore i suggest you to place tight stopm loss orders along with the bounce. If the bounce does not happen, you can use the marked support lines for trading.
Nonetheless, bottom is very near now. I analysed 2014 vs 2018 charts. There were similarities i must agree but the rate of fall BTC had in this dip makes it much less likely that we follow that now. So we might see a MAX $5200 bitcoin :)
Happy investing!