After breaching the decision zone BTC is trapped now between SMA50 and SMA200 facing major resistance.
If there is no significant change in volume the near future looks bearish.
If there is no significant change in volume the near future looks bearish.
Note
Again rejection from SMA 200.Note
Shortly breached SMA 200 but got rejected harshly from the upper trendline of the bearish pattern. Now depends on DXY too.Note
What a crazy rollercoaster! LMAO.Here I have an update.
You see, my path was followed and the next support zone destroyed... no wonder with such news around.
The bounce back got rejected at the lower trendline of our pattern - a classical bearish retest!
We will observe closely if the support zone now holds - otherwise prepare for a major downturn. 22k - 20k is a possible range if support breaks down.
Note
We're now testing the 26.1 support zone and it's not looking good.We might
1. retest the local low
or
2. breach the support and potentially perform a bearish retest for further drop
Next week could bring some bad news for crypto, so watch your positions.
Note
4h chart, situation unchanged.It looks like a weak start into the weekend and with all those bearish news around the projection is way more likely than a bullish reversal.
Note
Well, I'm not happy although it played out exactly as mentioned.Heads up now because I think the next move could leave some mouths wide open ;-) (See my current post)
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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.