We are now in our third, lower, rising channel, a bearish signal. Combined with a fully formed head and shoulders, a downwards breakdown can be reasonably expected. All thats missing now is a high volume spike, most likely to the downside
We dropped out of the previous rising channel and have shifted gears into a lower channel. Unforunately we are now failing in the attempt to reach the next top in the channel so odds look high for another breakdown out of this channel. I would refrain from buying BTC at this point in time and wait to reach critical support levels at either 7800 or 7500
Price is moving along a slightly narrowing channel up to the 55 day EMA, hoping to breach it on the 3rd atttempt. A successful breach is bullish but a drop below the channel may mean a short/medium term top with downside up to about 7500 in the near term
Multiple stacked bearish signals have formed in the last few weeks but support seems very strong below the 6500 level, from a very long term trendline from nearly a year ago. Conversely, a converging resistance line from the January crash rapidly approaches. One of these will win, and by extrapolation of the trendlines, we should know which one by no later than April 20th
Medium term trends show a clear head and shoulder formation with a narrowing triangle which I interpret to be a consolidation in a continuing downward trend.
Should 6500 be broken, look to 6000 next. This downward break looks to be a probable (though not certain) event in the next couple of days or possibly weeks
Head and shoulder / symmetrical triangle pattern has broken down, and depending on which of them you use as a reference, the next short term bottom lies between 5500-6100. At the upper end, we could see a medium term bounce. At the lower end, I expect more downwards price action after some consolidation.
Short team bearish symmetrical triangle forming. Expecting approx 10-20% downside from this move hitting critical support level at 5.9-6K.
I have an earlier post about a medium term head and shoulder formation predicting a near term bottom at the same price
The overall long term trend continues to remain bearish
As the long term bearish trend appears to continue, it seems a short term head and shoulders pattern is forming. The right shoulder seems weak, leading to an especially bearish outlook. Using the measured move estimate, the next bottom would like in the critical 6K region
