Short term, Bitcoin seems to be stuck in a slow downtrend. It broke out of an initial falling wedge (yellow area) and currently forming a smaller falling wedge (sky blue lines) after the break out.
BULLISH:
These falling wedges if fully realized may have a potential retest 9.3k or even 10.5k.
Seems like a good buy soon if you are bullish and you think 7.5-8k will hold.
BEARISH:
If both of these wedges fails to break up further, we might be looking to realize a bigger wedge (dark blue lines) that may:
1) retest the previous bottom 5.9-6k
2) or break further down to 4.8-5k.
Seems like a good short soon if you are bearish and you think 8.3-8.6k will resist.
Well, overall, I think the market is undecided but still leaning bearish. The formation of falling wedge patterns seems to give evidence to this overall sentiment.
BULLISH:
These falling wedges if fully realized may have a potential retest 9.3k or even 10.5k.
Seems like a good buy soon if you are bullish and you think 7.5-8k will hold.
BEARISH:
If both of these wedges fails to break up further, we might be looking to realize a bigger wedge (dark blue lines) that may:
1) retest the previous bottom 5.9-6k
2) or break further down to 4.8-5k.
Seems like a good short soon if you are bearish and you think 8.3-8.6k will resist.
Well, overall, I think the market is undecided but still leaning bearish. The formation of falling wedge patterns seems to give evidence to this overall sentiment.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.