BTC- More downside in the cards
Updated
Not much is going on with Bitcoin right now. As you can see the last week has been met with little movement and volatility. MACD has completely gone negative on the daily and still shows signs of going down more. RSI isn't even in oversold territory yet.
Just looking at price, what do you notice? That it's a descending triangle type pattern. It's sloping down as price converges on this 9.5k level. Once this breaks, we'll move to the next support area of 8k where we should get a bounce. From there I would imagine will go sideways or resume down. It's highly doubtful that after we bounce that we'll resume upward. While possible, I think we need to see some more development in the charts for that to happen.
All in all, expect more downside in the near term.
Announcing Halycon Research! I developed a page where you can check out exactly what I do and how I do it! Check it out and let me know what you think. halcyontrades.com/
Happy trading and hodling,
-Sherem
Just looking at price, what do you notice? That it's a descending triangle type pattern. It's sloping down as price converges on this 9.5k level. Once this breaks, we'll move to the next support area of 8k where we should get a bounce. From there I would imagine will go sideways or resume down. It's highly doubtful that after we bounce that we'll resume upward. While possible, I think we need to see some more development in the charts for that to happen.
All in all, expect more downside in the near term.
Announcing Halycon Research! I developed a page where you can check out exactly what I do and how I do it! Check it out and let me know what you think. halcyontrades.com/
Happy trading and hodling,
-Sherem
Note
Previous updates as an FYI:
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