Bitcoin getting ready for a Bearish Down Trend
Hello Guys,
Bitcoin had a strong rally from $1800 to $5000. It could not resist at that point and with the recent news that China could ban Bitcoin exchanges and trading, we saw a short downfall.
As we look at the chart, we see that it has finally broken the trend line which had its support at $4317 and the MacD confirming that we enter a bearish trend which is expected to last for a couple of months.
We are still waiting for another confirmation where it breaks the Fib Level at $4240 with a strong bearish candle. Following that we might see the next buying opportunity at as low as $3500.
For days traders, its not advisable to go long without stop-loss.
Long term investors can either shift to altcoins or USD.
Bitcoin had a strong rally from $1800 to $5000. It could not resist at that point and with the recent news that China could ban Bitcoin exchanges and trading, we saw a short downfall.
As we look at the chart, we see that it has finally broken the trend line which had its support at $4317 and the MacD confirming that we enter a bearish trend which is expected to last for a couple of months.
We are still waiting for another confirmation where it breaks the Fib Level at $4240 with a strong bearish candle. Following that we might see the next buying opportunity at as low as $3500.
For days traders, its not advisable to go long without stop-loss.
Long term investors can either shift to altcoins or USD.
Trade attivo
The $4240 Fib Level was broken with a bearish signal. Let's watch the BTC roll down! I hope you all are holding USD as we will witness a very attractive buying point soon.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.