Loss of momentum at critical point, possible reversal of Uptrend
BTCUSD has shown an impressive uptrend in the last weeks, but the momentum is starting to wither as we approach the 10K resistance.
A very strong zone of resistance as is a very powerful psychological number, not only around number but a 10.
The hanging man that is being formed during this week (27 may - 1 jun) is a very clear indicator of the uptrend coming to a halt and a possible reversal.
I expect a downtrend as the momentum comes to a halt, the hanging man shows the weakness of the bulls and the overbought market shows the signs of the lack of any more power from the buyers.
A possible correction to 6K is possible and even lower,
A very strong zone of resistance as is a very powerful psychological number, not only around number but a 10.
The hanging man that is being formed during this week (27 may - 1 jun) is a very clear indicator of the uptrend coming to a halt and a possible reversal.
I expect a downtrend as the momentum comes to a halt, the hanging man shows the weakness of the bulls and the overbought market shows the signs of the lack of any more power from the buyers.
A possible correction to 6K is possible and even lower,