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BTC price has been consolidating symmetrically for the last day after the drop through 9k support. The current structure is inherently bearish, although could possibly break to the upside as well. Considering the 4H and 1D time scales being over sold, I am leaning towards this pendant breaking up to retest the $9,000 level before going down further. With that being said: Do your own research and due diligence before making a trade! I am not a financial advisor!
15 minute chart price is in the middle of this triangle/pendant structure awaiting decision.
1D chart, if a bear pendant is in formation we can expect a $7,000 target.
4H chart. The break should come soon. MACD has worked its way back to the mid line.
Let me know what you think!
I Hope everyone is doing well!
Leave a Like and Comment!
BTC price has been consolidating symmetrically for the last day after the drop through 9k support. The current structure is inherently bearish, although could possibly break to the upside as well. Considering the 4H and 1D time scales being over sold, I am leaning towards this pendant breaking up to retest the $9,000 level before going down further. With that being said: Do your own research and due diligence before making a trade! I am not a financial advisor!
15 minute chart price is in the middle of this triangle/pendant structure awaiting decision.
1D chart, if a bear pendant is in formation we can expect a $7,000 target.
4H chart. The break should come soon. MACD has worked its way back to the mid line.
Let me know what you think!
Comment
Is this really a down channel?
Comment
we might have just bottomed. Lower volume. Less negative on
MACD. Less intense drop.
Comment
This might be a stretch I know, but it is still a possibility! I will go more in depth about this tomorrow.
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