Is btc preparing for an big move to the down side?
In the short term I am bearish on btc as there is an bearish divergence on the monthly candles!
Also we are in an big resistance zone as we have closed below the weekly double bottom.
For me this is an potential move we can see in the next 2 weeks.
An Bart down towards 9850 to form the head and then bounce back towards 10300-10400 to form the right shoulder.
Neckline at 9850
Target for the break of that neckline is 8900.
If it plays out how I drawn this. Btc will come to the old descending which was broken up and rallied to 12.5k
I expect this line to be bullish! If this hold the longer term for btc is still bullish!
Many are in an bubble of the DeFi hype and YFI which are making insanely big gains!
For me this is also an indicator that there is a lot of fomo to the ATH.
To get to the ATH this fomo has to be taken out first in my opinion!
This will also fit in the weekly consolidation :)
Goodluck trading all :)
In the short term I am bearish on btc as there is an bearish divergence on the monthly candles!
Also we are in an big resistance zone as we have closed below the weekly double bottom.
For me this is an potential move we can see in the next 2 weeks.
An Bart down towards 9850 to form the head and then bounce back towards 10300-10400 to form the right shoulder.
Neckline at 9850
Target for the break of that neckline is 8900.
If it plays out how I drawn this. Btc will come to the old descending which was broken up and rallied to 12.5k
I expect this line to be bullish! If this hold the longer term for btc is still bullish!
Many are in an bubble of the DeFi hype and YFI which are making insanely big gains!
For me this is also an indicator that there is a lot of fomo to the ATH.
To get to the ATH this fomo has to be taken out first in my opinion!
This will also fit in the weekly consolidation :)
Goodluck trading all :)
