Hi traders,
Due to up moves in last few days, people have an expectation for BTC to go up. However, I am expecting for BTC to fall to 20k's.
Let me explain why I have such an expectation.
Firstly, RSI has an down-trend. So, If the price wants to go up, it may need a space to break out its RSI downtrend. However, in the chart, there is no space available for BTC ( it is full of resistances in short-term ).
Secondly, the volume is decreasing while going up.
Thirdly, the breaking point of resistance 1, there is also a resistance area, which makes resistance at that area stronger.
Fourthly, the area between 20k and 30k is the empty. You see that there are not much price movement at that area. In general, for that kind of cases in stock market, price tend to fill these areas.
Fifthly, if you look at the chart in reverse scale, you may see a bullish flag. However, in our case, it evolves to bearish flag.
Finally, this is a generalization. However, we have observed many times that price is dumped at weekends.
Note: If you also look at long-term BTC chart ( since 2013 ), you may also observe a pattern in every bullish season that weekly RSI tend to be above 50. In current situation, It seems that it does a pull-back.
Feel free to comment ^^.
Stay safe.
Due to up moves in last few days, people have an expectation for BTC to go up. However, I am expecting for BTC to fall to 20k's.
Let me explain why I have such an expectation.
Firstly, RSI has an down-trend. So, If the price wants to go up, it may need a space to break out its RSI downtrend. However, in the chart, there is no space available for BTC ( it is full of resistances in short-term ).
Secondly, the volume is decreasing while going up.
Thirdly, the breaking point of resistance 1, there is also a resistance area, which makes resistance at that area stronger.
Fourthly, the area between 20k and 30k is the empty. You see that there are not much price movement at that area. In general, for that kind of cases in stock market, price tend to fill these areas.
Fifthly, if you look at the chart in reverse scale, you may see a bullish flag. However, in our case, it evolves to bearish flag.
Finally, this is a generalization. However, we have observed many times that price is dumped at weekends.
Note: If you also look at long-term BTC chart ( since 2013 ), you may also observe a pattern in every bullish season that weekly RSI tend to be above 50. In current situation, It seems that it does a pull-back.
Feel free to comment ^^.
Stay safe.
With the day close, we reached our first target. The triangle has broken out toward down.
Stay safe.