I would like to share what I see regarding Bitcoin. I'm not trading it right now but my system is is still showing a sharp decline below 10.000 and below 5.000 in the following weeks.
Last week we finished printing a symmetric triangle what broke down yesterday.
The symmetric triangle is a continuation pattern , I highlighted the target price what is not funny at all.
21st May looked like we printed an ICL but if you check the RSI 5 you can see when we tagged the overbought territory price started to drop again . It means the ICL still ahead of us . The measured target from the pattern is showing 4353$.
100MA and 50MA crossed over and price had lost the 200 SMA.
While I see a lot of posts how Bitcoin will rally again this chart doesn't look bullish at all... I see a popped bubble what is going lower and lower in the ERA of inflation.
Last week we finished printing a symmetric triangle what broke down yesterday.
The symmetric triangle is a continuation pattern , I highlighted the target price what is not funny at all.
21st May looked like we printed an ICL but if you check the RSI 5 you can see when we tagged the overbought territory price started to drop again . It means the ICL still ahead of us . The measured target from the pattern is showing 4353$.
100MA and 50MA crossed over and price had lost the 200 SMA.
While I see a lot of posts how Bitcoin will rally again this chart doesn't look bullish at all... I see a popped bubble what is going lower and lower in the ERA of inflation.
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Clear symmetric triangle, clear breakdown.Note
As you can see the reaction of the bulls below we have a new crypto religion. They think this can go only up and anyone else who says it’s going down is Evil.We are going to break 30.000 soon.
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Triangle backtest.
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The trinagle formed into a range. 50 and 200 MA crossed over.
Soon 30.000 will be broken.
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The lowest close since 2021.01.27.
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We might never see 30,000 again
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Doesn’t look too good.
200MA and 100 MA, plus 200MA and 50MA also crossed over.
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After the false breakout above 65.000
Bitcoin fans are learning a hard lesson. It lost 25% of its value in 3 weeks .
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When the flag breaks we will probably break 31.500
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It seems 10.000 will come earlier than 100.000.Note
Free space to 4353$
Trade closed manually
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We are going to get a few weeks bounce from here.Note
Price will tag maybe break the 100SMA in this bounce.
Note
5000 coming closer and closer.
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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.