A Short Term Short For BTC
Weekly chart shows that BTC is ready for a reversal. Upward movement has been slowing down over the past two weeks, suggesting that bulls are weakening. BTC is likely to fall to the 6600 - 6700 range (or 61.8% retracement level). There's also the possibility that a weekly wick touches April 2019 levels. IF a weekly wick does touch those levels, that suggests a few days where BTC trades around 5500 (38.2% retracement level). Any "predictions" about BTC going any lower at this time is speculation.
My bull scenario is BTC holds above 8200 and slowly builds a bull flag over the next two weeks like in previous rallies this year. This will give bulls time to recuperate and suggests bears have exhausted their ammunition. I think this is unlikely as weekly RSI is in the overbought range and weekly charts show a slowdown in upward pressure.
As always, this is analysis and not investment advice. Please research carefully and conduct your own analysis first before making a decision.
Have a great day and happy trading!
My bull scenario is BTC holds above 8200 and slowly builds a bull flag over the next two weeks like in previous rallies this year. This will give bulls time to recuperate and suggests bears have exhausted their ammunition. I think this is unlikely as weekly RSI is in the overbought range and weekly charts show a slowdown in upward pressure.
As always, this is analysis and not investment advice. Please research carefully and conduct your own analysis first before making a decision.
Have a great day and happy trading!
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