Bitcoin: Weakness or Hidden strength Bearish case
In this chart I demonstrate a prediction IF BTC were to fall to the downside as many indications are pointing.
First and foremost we have consolidated along the 10k level for to long with no bounce demonstrating a decrease in buying power here.
Second off it is a clear downtrend that has started with various flag formations playing out to the t, I believe we are headed into a second bearish flag formation after we hit the 9.4k level which we will see a bounce and a rejection at the new overhead resistance.
There may be a possibility to get out of the downtrend at the 9.4k level area. As I show in the second elipse there is a strong case for buying at this level, to atleast short it at 10k because it has been proven already to react very well to this level.
MY ONLY HESITATION TO CALL THIS SHORT IS THE SENTIMENT HAS BECOME OVERWHELMING BEARISH. That shows me the trend to the downside is what is to be expected and BTC likes to do the unexpected.
First and foremost we have consolidated along the 10k level for to long with no bounce demonstrating a decrease in buying power here.
Second off it is a clear downtrend that has started with various flag formations playing out to the t, I believe we are headed into a second bearish flag formation after we hit the 9.4k level which we will see a bounce and a rejection at the new overhead resistance.
There may be a possibility to get out of the downtrend at the 9.4k level area. As I show in the second elipse there is a strong case for buying at this level, to atleast short it at 10k because it has been proven already to react very well to this level.
MY ONLY HESITATION TO CALL THIS SHORT IS THE SENTIMENT HAS BECOME OVERWHELMING BEARISH. That shows me the trend to the downside is what is to be expected and BTC likes to do the unexpected.
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