Hello traders,
I am back for another Bitcoin analysis as there are a lot of things going on in past few months.
Looking at daily chart for Bitcoin, we see that Bitcoin managed to break from bull flag and currently flirting around $8600. I was expecting this bull flag breakout, however, there are few bearish warning signals starting to emerge.
If you recall chart back in Feb 2019 setups: Pump -> sideways -> pump -> sideways -> pump -> dump. Currently we have very similar pattern in macro-perspective and I am afraid that we may see strong selling pressure from here. Daily RSI is overbought again, and if we have strong selling pressure from here, there will be bearish divergence setup, which will put bears in favour. Daily MACD is also setting up for bearish divergence pattern.
I was hoping to see Bitcoin test $10000, but I think Bitcoin is running is running out of fuel. Looking at Fib level, psychological $6000 overlaps perfectly with 50% level, so can expect few weeks of healthy downtrend from here.
I am back for another Bitcoin analysis as there are a lot of things going on in past few months.
Looking at daily chart for Bitcoin, we see that Bitcoin managed to break from bull flag and currently flirting around $8600. I was expecting this bull flag breakout, however, there are few bearish warning signals starting to emerge.
If you recall chart back in Feb 2019 setups: Pump -> sideways -> pump -> sideways -> pump -> dump. Currently we have very similar pattern in macro-perspective and I am afraid that we may see strong selling pressure from here. Daily RSI is overbought again, and if we have strong selling pressure from here, there will be bearish divergence setup, which will put bears in favour. Daily MACD is also setting up for bearish divergence pattern.
I was hoping to see Bitcoin test $10000, but I think Bitcoin is running is running out of fuel. Looking at Fib level, psychological $6000 overlaps perfectly with 50% level, so can expect few weeks of healthy downtrend from here.
Comment:
Rising wedge: bearish pattern.
Comment:
Just a perspective: Current formation
Back in February formation
Looks oddly similar??
Back in February formation
Looks oddly similar??
