BTCUSD: Trendline + Symmetric Triangle Formation Breakdown
Hello everyone!
After a few days of Bitcoin crazy bull rage, we can finally see the Bears turning the tables for a bearish pullback. Price just broke a strong intra-day trendline that supported the bulls... until today. Adding on to that, a bearish symmetric triangle that just pushed the price to the downside, suggesting an intraday downtrend is starting. Another thing is the EffDI(momentum-based indicator) support has broken down.
*Where Price May be Heading for the next few days*
Price may push down until the $36000 area and pullback(TP 1 in the chart) within the next 5 hours, then the price may continue down to $33000 area. But possibly, based on the last major pullback on January 4 which also had a bearish symmetric triangle prior to the down move, the price may continue dropping until $30000, strong support.
*What happens after*
Based on the last major pullback, we may experience a continuance in the major uptrend after the intraday downtrend. Bitcoin still has no signs of the whole bull trend reversing, until otherwise.
So, what do you think about bitcoin? Tell me in the comments!
Please like👍, follow, and share🕸 this idea💡 with the community! Also, check out my other ideas. Thanks!
Thank you for reading📔! :D
After a few days of Bitcoin crazy bull rage, we can finally see the Bears turning the tables for a bearish pullback. Price just broke a strong intra-day trendline that supported the bulls... until today. Adding on to that, a bearish symmetric triangle that just pushed the price to the downside, suggesting an intraday downtrend is starting. Another thing is the EffDI(momentum-based indicator) support has broken down.
*Where Price May be Heading for the next few days*
Price may push down until the $36000 area and pullback(TP 1 in the chart) within the next 5 hours, then the price may continue down to $33000 area. But possibly, based on the last major pullback on January 4 which also had a bearish symmetric triangle prior to the down move, the price may continue dropping until $30000, strong support.
*What happens after*
Based on the last major pullback, we may experience a continuance in the major uptrend after the intraday downtrend. Bitcoin still has no signs of the whole bull trend reversing, until otherwise.
So, what do you think about bitcoin? Tell me in the comments!
Please like👍, follow, and share🕸 this idea💡 with the community! Also, check out my other ideas. Thanks!
Thank you for reading📔! :D
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