BTC - Expecting movement down to 18k .
Based on the chart below, my thought is its highly probable that BTC will move lower to the 18k Zone.
As was pointed out last week, the chart below shows bearish tweezer tops on the weekly chart. indicating a bearish market reversal brewing .
Moreover, the weekly and daily charts also list several bearish conditions:
1) Tweezer tops closed below the MA50 and MA200.
2) Bearish cross on the weekly chart with the MA200 crossing above the MA50
3) Bearish MACD and RSI divergences on the daily chart.
Additionally on the graph below BTC has currently broken out of the rising wedge pattern which is also a bearish play.
These bearish play setups were discussed on the chart above and my expectation is BTC can drop to around the 18K level and form a head and shoulders reversal back up.
A move up could then take price to around the 33k level .
On the flip side if BTC drops below 17k then I'd expect price to move downwards to 12k.
Based on the chart below, my thought is its highly probable that BTC will move lower to the 18k Zone.
As was pointed out last week, the chart below shows bearish tweezer tops on the weekly chart. indicating a bearish market reversal brewing .
Moreover, the weekly and daily charts also list several bearish conditions:
1) Tweezer tops closed below the MA50 and MA200.
2) Bearish cross on the weekly chart with the MA200 crossing above the MA50
3) Bearish MACD and RSI divergences on the daily chart.
Additionally on the graph below BTC has currently broken out of the rising wedge pattern which is also a bearish play.
These bearish play setups were discussed on the chart above and my expectation is BTC can drop to around the 18K level and form a head and shoulders reversal back up.
A move up could then take price to around the 33k level .
On the flip side if BTC drops below 17k then I'd expect price to move downwards to 12k.
Note
can BTC move up from here - Yes ! but there is resistance sat 22900 from the MA50 
Note
on the graph below the 22900 resistance area is also the "point of control" (the solid red line) and In my opinion I dont see BTC moving past this area without dropping lower to 18000 first 
Note
* Currently* if by some miracle BTC were able to make it above the 22900 resistance then the next resistance area to overcome will be the 23600 area . if this miracle continued and BTC did move above the 23600 resistance then Id expect a strong push to 27K next.
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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.