I still feel like we are not out of the woods yet with the bearish sentiment on BTC.
There are a couple of signs I am seeing that indicate to me we could still have more downside price action over the coming weeks.
The Weekly chart breakdowns like this for me
There is also a head and shoulders pattern at play there, but I am not entirely sure how much of a confluence that will be.
I am expecting to see us hit the $29,700 zone to complete its full retracement - I just hope that this level holds.
There are a couple of signs I am seeing that indicate to me we could still have more downside price action over the coming weeks.
The Weekly chart breakdowns like this for me
- The break of the Ichimoku cloud
- The leading Ichimoku cloud has also started to crossover into the red
- This weeks candle has currently tested the cloud and rejected as resistance
There is also a head and shoulders pattern at play there, but I am not entirely sure how much of a confluence that will be.
I am expecting to see us hit the $29,700 zone to complete its full retracement - I just hope that this level holds.
Note
Well, that worked out a treat!
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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.