BTC Bearish sign
BTC formed a Diamond Top which is an overall bearish sign.
Added to that the Volume is decreasing with time which is also a bad sign.
RSI on 1D timeframe is eerily similar to the 6k$ period where we were moving sideways for a long while. It is also generally stuck on 50 or below which doesn't give much strength to the Bulls.
People in the space seems to be holding their breath and waiting for the next move to happen.
BTC will probably fall to previous support line and have a rebound but will be testing the support line multiple time for a final break.
Unlike many others, i do not consider the present forming ascending triangle, as it is a smaller frame and larger frames should be considered as more important to smaller ones. But yes the small ascending triangle is there which gives a small percentage of possible upside move. But keep in mind that we've already rebounded so many times on the triangle slope that the chances of an upside break gets smaller.
Added to that the Volume is decreasing with time which is also a bad sign.
RSI on 1D timeframe is eerily similar to the 6k$ period where we were moving sideways for a long while. It is also generally stuck on 50 or below which doesn't give much strength to the Bulls.
People in the space seems to be holding their breath and waiting for the next move to happen.
BTC will probably fall to previous support line and have a rebound but will be testing the support line multiple time for a final break.
Unlike many others, i do not consider the present forming ascending triangle, as it is a smaller frame and larger frames should be considered as more important to smaller ones. But yes the small ascending triangle is there which gives a small percentage of possible upside move. But keep in mind that we've already rebounded so many times on the triangle slope that the chances of an upside break gets smaller.
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