BTC/USD: The black hawks down?
Updated
Hey ravers!
Maybe I'm beaked again, but I see the up-trend too weak. Keeping in mind that btc is in a bearish market since the beginning of the year, we shouldn't be too optimistic about this short bullish rally. The chart speaks for it self. BTC should go up to test the 100-MA resistance, but the fact is that it has failed to surpass the 7.7k line and that could take the most important cryptocurrency to drop to the 50-MA and prove its support. Also, the RSI is getting to the over-bought area, which means that btc could eventually drop in the very short term.
I'm just learning, but I see a double top and two uptrend lines that could be tested in the following sessions. Let's see.
Peace.
Maybe I'm beaked again, but I see the up-trend too weak. Keeping in mind that btc is in a bearish market since the beginning of the year, we shouldn't be too optimistic about this short bullish rally. The chart speaks for it self. BTC should go up to test the 100-MA resistance, but the fact is that it has failed to surpass the 7.7k line and that could take the most important cryptocurrency to drop to the 50-MA and prove its support. Also, the RSI is getting to the over-bought area, which means that btc could eventually drop in the very short term.
I'm just learning, but I see a double top and two uptrend lines that could be tested in the following sessions. Let's see.
Peace.
Note
The 50-MA is beign tested as support. If it breaks-down, the drop could go to the 7k-6.7k area. Bounce or drop? Big question. Let's see...
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.