Bitcoin getting ready for a Bearish Down Trend
Hello Guys,
Bitcoin had a strong rally from $1800 to $5000. It could not resist at that point and with the recent news that China could ban Bitcoin exchanges and trading, we saw a short downfall.
As we look at the chart, we see that it has finally broken the trend line which had its support at $4317 and the MacD confirming that we enter a bearish trend which is expected to last for a couple of months.
We are still waiting for another confirmation where it breaks the Fib Level at $4240 with a strong bearish candle. Following that we might see the next buying opportunity at as low as $3500.
For days traders, its not advisable to go long without stop-loss.
Long term investors can either shift to altcoins or USD.
Bitcoin had a strong rally from $1800 to $5000. It could not resist at that point and with the recent news that China could ban Bitcoin exchanges and trading, we saw a short downfall.
As we look at the chart, we see that it has finally broken the trend line which had its support at $4317 and the MacD confirming that we enter a bearish trend which is expected to last for a couple of months.
We are still waiting for another confirmation where it breaks the Fib Level at $4240 with a strong bearish candle. Following that we might see the next buying opportunity at as low as $3500.
For days traders, its not advisable to go long without stop-loss.
Long term investors can either shift to altcoins or USD.
Trade active
The $4240 Fib Level was broken with a bearish signal. Let's watch the BTC roll down! I hope you all are holding USD as we will witness a very attractive buying point soon.
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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.
Disclaimer
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.