Time to re-test 8K on BTC again?
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Things were looking bullish for BTC the last couple of days and I actually thought we would break the downtrend, but it seems like we were denied pretty hard. Looking at alt coins we can clearly see people are still kinda uncertain on what to do. While some coins have went up, the majority of alts are going sideways or dropping.
If we take a look at the daily chart we can see a bearish pattern starting to form, this is known as the evening star. Basically means bulls tried to push the price up (the upper pin bar), but bears came and pushed the price down. We are however in a support zone now and also resting on a fib line.
But the day is not over and anything can happen, but if we do close so we get an evening star, our next support will be somewhere around the 9K-8K area. There are other signs suggesting we might be coming down and those are MACD which is starting to come down, the stoch RSI which is overbought and also starting to point downwards. With all this said, it doesn't really mean anything, both stoch and MACD can sit in the highs for weeks. I do think it's a sign of whats to come however.
If we take a look at the daily chart we can see a bearish pattern starting to form, this is known as the evening star. Basically means bulls tried to push the price up (the upper pin bar), but bears came and pushed the price down. We are however in a support zone now and also resting on a fib line.
But the day is not over and anything can happen, but if we do close so we get an evening star, our next support will be somewhere around the 9K-8K area. There are other signs suggesting we might be coming down and those are MACD which is starting to come down, the stoch RSI which is overbought and also starting to point downwards. With all this said, it doesn't really mean anything, both stoch and MACD can sit in the highs for weeks. I do think it's a sign of whats to come however.
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Head and shoulders starting to form.
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We might go down all the way to 8K, but 9K is very likely.
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Like clockwork! Now we wait for a confirmed bounce and go all in!
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We have to keep a close eye on BTC for the coming days, this is the turning point. We either bounce back up or we break the support.
Do not buy/sell before we have a confirmation!
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It's not over yet, we have another bear flag forming: Do not buy!
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