Bitcoin is going through a critical moment: it is hanging above the most important support for 2018: $6000. If we break and close below $6000, we are most likely to continue "bear" market until the blue longterm trend line.
I call it "bear" because on the longterm, Bitcoin is still in a strong bull market, and for longterm this is still called a correction. Our last price area before a bear market itself it is the rotated rectangle area.
We are more likely to break below the $6000 support than hang on it: we have low volume and Bitcoin is doing quick moves on the downside since the rupture of the purple wedge downwards (candle signed by the pink arrow)
We need more volume to see if we can start the bull run over. For now, downwards is more likely
I call it "bear" because on the longterm, Bitcoin is still in a strong bull market, and for longterm this is still called a correction. Our last price area before a bear market itself it is the rotated rectangle area.
We are more likely to break below the $6000 support than hang on it: we have low volume and Bitcoin is doing quick moves on the downside since the rupture of the purple wedge downwards (candle signed by the pink arrow)
We need more volume to see if we can start the bull run over. For now, downwards is more likely
Trade active
That was quick, let's see if we close below 6k.. I doubt it, it was too quick.Note
Signs of a bear market: We don't have volume on regular days. The volume comes with the dump of the price
It's very hard to get bullish on the short time period
Trade active
6k support brokenNote
We are going with the yellow arrow for now, lets see if we go with green or red arrow when yellow endsTrade active
Bitcoin hold a lot longer than expected above 6k. Chances for we to go to 4k are lower now
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.