BTC still in downtrend?
Updated
BTC stays in the downtrend despite this little outbreak. Unfortunately, it comes without serious volume to confirm break out of the downwards movement we have been for last 6 days.
There are few bearish signs to watch out:
1) EMA death cross, on 1d chart that didn't happen for a long time and can signal us a downward movement
2) We are still in a previous double top pattern, having a green (healthy) day after continuous 6 red days.
3) Rejected from 9400 - 9600 resistance will push us to retest 8500 supports
4) Plus we can notice interesting similarities with the BTC 9.64% movement before we riched 6k bottom. as you can see in 2 rectangles.
If we cant break out of this downtrend movement i can see BTC 9.64% going to test the 1 year trendline around 7500.
There are few bearish signs to watch out:
1) EMA death cross, on 1d chart that didn't happen for a long time and can signal us a downward movement
2) We are still in a previous double top pattern, having a green (healthy) day after continuous 6 red days.
3) Rejected from 9400 - 9600 resistance will push us to retest 8500 supports
4) Plus we can notice interesting similarities with the BTC 9.64% movement before we riched 6k bottom. as you can see in 2 rectangles.
If we cant break out of this downtrend movement i can see BTC 9.64% going to test the 1 year trendline around 7500.
Note
tradingview.com/chart/riwazHJ5/ 1D for the better perspective.Trade active
Everything goes according to this chart. More downtrend on BTC before it founds stronger ground around 7.5k
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