Still falling hard - My detailed BTCUSD Daily Forecast

Many indicators show we still have some ways to go until we "may potantially" bottom out and start the real uptrend. Always be aware of the news and if market sentiment can change.

Big committee hearing on Crypto Regulation coming up Thursday, February 15th. Link here: senate.gov/committees/committee_hearings.htm

These are just my personal views and this does not represent any financial advice.

Enjoy,
RS

Note

So far coming together nicely. There is some good bullish upside now that could even go higher to 9000 levels, but overall trend is downwards in this bearish market. We have to wait for indicators and watch out for bull traps!

Note

As I thought 9000 levels were reached and I hope all of you were able to profit a bit from the short upward trend. But what now? When you look at my 1D graph, BTC stands at just about 8400 and is about to hit major resistance, which would mean it will go down further soon. Three falling peaks and 2 valleys seem to be forming, which is also a sign for a downtrend...

If you look at the 4 hour chart of BTCUSD and use Ichimuko Cloud and Relative Strength Index as Indicators, I would like to point out some more bearish facts:

1. A huge Bear flag is forming.While BTC may push higher again to about 9000, it would hit a major resistance trend line at the end of the bear flag.

2. As per Ichimuko cloud, we are in the midst of the cloud, causing turbulence. We are about to hit the cloud's top lead line, which causes resistance. In addition, the conversion line is about to cross the base line and move downwards, which are all bearish indicators.

3. A very interesting indication is shown on the 4 hour RSI. You will notice that BTC has not broke above the 61 marker in a long time. The last time being January 7, 2018! In fact, a long downward trend started January 28 when RSI was at 61. This indicates that bulls are simply missing the strength for a strong upward rally and bears are still in full control.

Wishing you all a good Sunday!

cryptostemp

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