Everyone swapped from bullish to bearish? BTC to test lower
Updated
Just a week ago everyone was predicting the BTC bullish movement to continue but there were some clear signs that this was unlikely. It seems as if some emotions were tied into charts. BTC has dropped down to our predicted level now and looks to continue to press downwards. Price is approaching the cloud and will likely test the bottom of it unless we see a strong bounce from the top up to 7600. This is unlikely IMO with the doubt that has filled the market accompanied with many indicators showing that bitcoin just doesn't have the strength.
Therefore, BTC will likely press the areas noted and could collapse hard and fast if there's no bounce from the bottom of the cloud. Wait for confirmations following a bounce or bottom break from the cloud and you may be able to catch a ride. The next support level is 5700.
Please leave a comment or like with your opinion.
Till next time -hju
Therefore, BTC will likely press the areas noted and could collapse hard and fast if there's no bounce from the bottom of the cloud. Wait for confirmations following a bounce or bottom break from the cloud and you may be able to catch a ride. The next support level is 5700.
Please leave a comment or like with your opinion.
Till next time -hju
Trade closed: stop reached
Bitcoin did exceed expectations and broke 7600. Look for higher highs to be broken.
Related publications
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.