BitcoinUpdated Should test a lower support level soon
A new, smaller pennant is forming. The normal target is about $200 lower. If it manages to break the strong support here at $6550 and the uptrend grey line, we should test support at about $6400, but chances are to go lower.
Note
Even if this small pennant failed, the direction is still not decided. A bull flag should have been formed, yet a small H&S is forming on the 15min chart. We are going sideways on a line that acted as support and also as resistance, related to the 50% Fibonacci level. This small correction wave might stop as this point and send us down again. I would not trade until we have a confirmation; also I doubt that if the uptrend continues we would go above $7000 before retracing down.Note
Whales just liquidated two short positions on Okcoin, aiming $7030. But the volume does not enormously increase. Smells like a bull trap.
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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.