Daily candle analysis
Today's candle (2017-08-23) shows a little shooting star so little you also can call it a doji. The Bitcoin bulls are out of power at the moment mentioned in the last analysis. Monthly candle still is overbought and so no new money is flowing in. The bearish attack yesterday was clearly rejected so i expect like yesterday, we move side wards with up and downs.
It is a very risky trade right now but remember the weekly candle. If the weekly bear pattern confirms we see more upside in the coming week. I still don't think this could happen because we are in a very vulnerable phase. Bitcoin seems to be in a bubble and a bear market could lead to panic sells. The bulls won't let that happen so we see a bullish attack to the weekend cleaning the chart of the bearish reversal pattern.
Wish you many successful trades.
It is a very risky trade right now but remember the weekly candle. If the weekly bear pattern confirms we see more upside in the coming week. I still don't think this could happen because we are in a very vulnerable phase. Bitcoin seems to be in a bubble and a bear market could lead to panic sells. The bulls won't let that happen so we see a bullish attack to the weekend cleaning the chart of the bearish reversal pattern.
Wish you many successful trades.
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.