BTCUSD update from previous post, as the trend has changed.
As we can see the right shoulder did not begin to form. BTCUSD could continue to fall to 8300 where there is the most support. If 8300 does not hold then it will retrace to 2018 lows of 6000 then bounce.
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Volume still very low, which adds to the thesis that it will go lower as stops are triggered.
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Forgot to add BTCUSD is below its 200 day exponential moving average, the red line shown.
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BTCUSD was rejected at the long and short term trendline shown in orange and green. Also still below the 200 day moving average.
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BTCUSD is above its 200 moving day average again.
Currency trading is closed on weekends for retail traders has given the false perception to go long on BTCUSD. Notice the red line is flat while BTCUSD is rising.
BTCUSD should be flat to up on Monday, down on Tuesday. Then high probability to continue down after.
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Most likely BTCUSD will stay under its downward trend line which is being touched currently. If it goes above that then it could retrace to 10-11K then down to complete head and shoulders previously.