BTC continues showing bearish favor this week
A bearish pennant pattern appears on the BTCUSD chart, indicating that the pump and dump schemes in the recent days will end up with a flash crash to $8500 area, as mentioned in the last analysis.
Besides, BTC faces strong resistance of MA50 on the H4 timeframe (around $9800), there was a small chance of BTC to break this resistance on the first try. A decline of that resistance can push BTC back to $9100 area, and if that support can't hold, BTC will dump more.
The ideal short/sell zone is around $9800, with a stop-loss to be put at $10200. Targets for this trade are $9400, $9100, $8800, $8500.
Supports and resistance of BTC are posted in the last analysis below.
Besides, BTC faces strong resistance of MA50 on the H4 timeframe (around $9800), there was a small chance of BTC to break this resistance on the first try. A decline of that resistance can push BTC back to $9100 area, and if that support can't hold, BTC will dump more.
The ideal short/sell zone is around $9800, with a stop-loss to be put at $10200. Targets for this trade are $9400, $9100, $8800, $8500.
Supports and resistance of BTC are posted in the last analysis below.
Komen:
There is a 50-50 chance of BTC to go on both directions. I am still bearish at this moment.
