BTC/USD Bearish Analysis
Today is an odd day. Overall I'm bearish but in all honesty I don't really feel confident about the price going any way in particular. The price is currently struggling to increase with resistance at 9.3k. Taken at face value, I think that means we are going to see short term bearish activity. I say that because for the last two days the price has been dealing with resistance at 9.4k - 9.5k. Every time the price moves to a lower area of resistance it has to rally past all previous areas of resistance to see a real breakout.
Looking at the daily chart tells a different story. On 6/17 there was a -$61.83 decrease in price, then 6/18 followed with a -$78.81 decrease in price, and finally on 6/19 there was a -$76.09 decrease in price. Between 6/17 and 6/18 the price decrease increased, but by 6/19 it slowed down a bit, and as of right now the daily candle is a doji. This could very well be a sign of trend reversal, but I'll have to check back at the end of the day. If the body of the candle ends up being larger than the previous days (and red), I am expecting to see a serious price drop in the next few days. If the body is a doji or green we may see bullish activity in the next few days. If we can get out of the 9.3k range toward 9.4k and 9.5k I can see myself switching to a more bullish point of view, but until then I'm staying bearish.
Overall though I think we are still in a downtrend, albeit a minor one. As I've said before, as long as we keep establishing lower highs I am expecting the price to continue to decrease.
Looking at the daily chart tells a different story. On 6/17 there was a -$61.83 decrease in price, then 6/18 followed with a -$78.81 decrease in price, and finally on 6/19 there was a -$76.09 decrease in price. Between 6/17 and 6/18 the price decrease increased, but by 6/19 it slowed down a bit, and as of right now the daily candle is a doji. This could very well be a sign of trend reversal, but I'll have to check back at the end of the day. If the body of the candle ends up being larger than the previous days (and red), I am expecting to see a serious price drop in the next few days. If the body is a doji or green we may see bullish activity in the next few days. If we can get out of the 9.3k range toward 9.4k and 9.5k I can see myself switching to a more bullish point of view, but until then I'm staying bearish.
Overall though I think we are still in a downtrend, albeit a minor one. As I've said before, as long as we keep establishing lower highs I am expecting the price to continue to decrease.
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