Short Term #BTC Outlook. Both Arguments Presented
Updated
Bitcoin is in a very precarious situation right now. Either bulls step it up now or they will drop to 7.7 to 7.8k region where this Diamond Bottom would be at risk of failure (a failure that bulls just cannot afford since this will send BTC spiraling down to the 6.4k region. Something that my friend CredibleCrypto has been calling for over a month. Read my comments on the chart. If you have any questions feel free to reach me at alex@bitbookkeeper.com
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Diamond Bottom...Confluence in the MACD Historgram downtrend coupled with Rising volume on a series of two very bearish daily candles. Then you've got this Death Cross Looming overhead. But what's in front of us right now is the fact that the 200 day Moving Average on the 2hr chart, which held for 7 times before it broke down over a course of a month, is what is sitting on top of BTC's head right now. Anyways...I see a diamond bottom pattern but I see extreme weakness right now on the part of the bulls....So...I have actually given them the benefit of the doubt and drew them a potential diamond bottom for them....Coincidentally, if the price hits 7714 within the next 3 days, we will have performed a perfect 1 to 1 retracement of the impulse wave. Coincidence? Mathematical anomaly? I don't know. What I do know is that what I am seeing, is there.
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