BitcoinSingkat
Short Bitcoin: Convergence @ 6800
Bitcoin is arriving at a critical point. Will it return to pre-pandemic levels, or sink with the rest of the ships in the proverbial sea? Only time will tell, but this analysis is leaning towards the latter.
This chart is a mess of indicators so let me break it down piece by piece, starting with the Darth Crypto Indicators.
The fuchsia colored 222D EMA acts as a strong resistance to upwards price movement @ 6800. Underneath the current price we have the 55D & 99D EMA converging, gradually squeezing the price into this point of importance.
The yellow and purple conversion line (tenkan-sen) and base line (kijun-sen) tell a slightly different story. Though they in the day prior they have trended horizontally, the 9D conversion line experienced bullish divergence in the past day or so.
In conjunction with this bullish movement, the overall graphic trend is an Ascending Triangle (higher lows). Unfortunately, this triangle is also illustrating a massive resistance @ 6800.
You've heard from the bulls, let's hear what the bears have to say...
On the Stoch (5/3/3) below, a trend line indicates lower lows over the last few hours, expressing weakening support for bullish price movement.
Finally, though this isn't marked graphically, there is a noticeable downward trend in trading volume, one could imagine a descending triangle...
So I've confused you enough, what does this ambiguous message tell us? It tells us Bitcoin is bipolar, giving off trends in either direction. Regardless, my intuition tells me bearish price movement lies ahead.
Here is my thought process: both the Ascending Triangle and the 222D EMA mark intense resistance @ 6800. With trading Volume and Stoch weakening, the bulls are fleeting, thus leaving the bears with the dominant hand. I have drawn my prediction for future price movement. In a short scenario, the price will likely range at the 6300 and 5800 supports, as they were previous areas of S/R.
The final test will be @ 5000... If that breaks, god help us all. Regardless of the situation, we bulls say our mantra "HODL & To the Moon!"
This chart is a mess of indicators so let me break it down piece by piece, starting with the Darth Crypto Indicators.
The fuchsia colored 222D EMA acts as a strong resistance to upwards price movement @ 6800. Underneath the current price we have the 55D & 99D EMA converging, gradually squeezing the price into this point of importance.
The yellow and purple conversion line (tenkan-sen) and base line (kijun-sen) tell a slightly different story. Though they in the day prior they have trended horizontally, the 9D conversion line experienced bullish divergence in the past day or so.
In conjunction with this bullish movement, the overall graphic trend is an Ascending Triangle (higher lows). Unfortunately, this triangle is also illustrating a massive resistance @ 6800.
You've heard from the bulls, let's hear what the bears have to say...
On the Stoch (5/3/3) below, a trend line indicates lower lows over the last few hours, expressing weakening support for bullish price movement.
Finally, though this isn't marked graphically, there is a noticeable downward trend in trading volume, one could imagine a descending triangle...
So I've confused you enough, what does this ambiguous message tell us? It tells us Bitcoin is bipolar, giving off trends in either direction. Regardless, my intuition tells me bearish price movement lies ahead.
Here is my thought process: both the Ascending Triangle and the 222D EMA mark intense resistance @ 6800. With trading Volume and Stoch weakening, the bulls are fleeting, thus leaving the bears with the dominant hand. I have drawn my prediction for future price movement. In a short scenario, the price will likely range at the 6300 and 5800 supports, as they were previous areas of S/R.
The final test will be @ 5000... If that breaks, god help us all. Regardless of the situation, we bulls say our mantra "HODL & To the Moon!"
Penafian
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