Hello traders,
I am back for another Bitcoin analysis as there are a lot of things going on in past few months.
Looking at daily chart for Bitcoin, we see that Bitcoin managed to break from bull flag and currently flirting around $8600. I was expecting this bull flag breakout, however, there are few bearish warning signals starting to emerge.
If you recall chart back in Feb 2019 setups: Pump -> sideways -> pump -> sideways -> pump -> dump. Currently we have very similar pattern in macro-perspective and I am afraid that we may see strong selling pressure from here. Daily RSI is overbought again, and if we have strong selling pressure from here, there will be bearish divergence setup, which will put bears in favour. Daily MACD is also setting up for bearish divergence pattern.
I was hoping to see Bitcoin test $10000, but I think Bitcoin is running is running out of fuel. Looking at Fib level, psychological $6000 overlaps perfectly with 50% level, so can expect few weeks of healthy downtrend from here.
I am back for another Bitcoin analysis as there are a lot of things going on in past few months.
Looking at daily chart for Bitcoin, we see that Bitcoin managed to break from bull flag and currently flirting around $8600. I was expecting this bull flag breakout, however, there are few bearish warning signals starting to emerge.
If you recall chart back in Feb 2019 setups: Pump -> sideways -> pump -> sideways -> pump -> dump. Currently we have very similar pattern in macro-perspective and I am afraid that we may see strong selling pressure from here. Daily RSI is overbought again, and if we have strong selling pressure from here, there will be bearish divergence setup, which will put bears in favour. Daily MACD is also setting up for bearish divergence pattern.
I was hoping to see Bitcoin test $10000, but I think Bitcoin is running is running out of fuel. Looking at Fib level, psychological $6000 overlaps perfectly with 50% level, so can expect few weeks of healthy downtrend from here.
Nota
Rising wedge: bearish pattern. Nota
Just a perspective: Current formationBack in February formation
Looks oddly similar??
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.