Bitcoin is in BEAR control - Probably see $5500 Low!!
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Hi Beautiful peopleeee!!
Looking at the Daily Bitcoin chart, you can see a big bear with us here. I would say the army bears!. My reasons are:
1. BTC did break out from descending triangle and now become a big descending channel. Someone may think BTC is building a Falling wadge, but I do not think so because both MACD and RSI is building descending channel as well which has no positive divergence with it yet.
2. BTC has stayed below 21 weekly EMA, 21 Daily EMA and 200 Daily EMA for almost 3 weeks and it did test and got rejection from those 3 EMA. This shows BTC is in the bear control zone.
3. After BTC came down from $10000, it is building a possible bear flag.
From my reasons, I think it is a opportunity for all of beautiful people here to go Short. This action need to be confirmed by breaking previous low $7711 and then my idea will fit in. The first target would be at Fibonacci retracement 0.618 around $7200 and my second target would be at $5500 because it is Fibonacci retracement 0.786 and it also related to support line of descending channel, support uptrend line from low $3000 as well as the target of bear flag.
However, we cannot control the market so we should let the market come to us. Therefore, if Bitcoin goes up and stay above 200 daily EMA, I will change my mind and cancel my idea of bearish view.
***** THIS INFORMATION IS MY IDEA AND IS NOT RECOMMENDATION TO BUY OR SELL. IT IS TO BE USED FOR EDUCATIONAL PURPOSES ONLY. ******
Looking at the Daily Bitcoin chart, you can see a big bear with us here. I would say the army bears!. My reasons are:
1. BTC did break out from descending triangle and now become a big descending channel. Someone may think BTC is building a Falling wadge, but I do not think so because both MACD and RSI is building descending channel as well which has no positive divergence with it yet.
2. BTC has stayed below 21 weekly EMA, 21 Daily EMA and 200 Daily EMA for almost 3 weeks and it did test and got rejection from those 3 EMA. This shows BTC is in the bear control zone.
3. After BTC came down from $10000, it is building a possible bear flag.
From my reasons, I think it is a opportunity for all of beautiful people here to go Short. This action need to be confirmed by breaking previous low $7711 and then my idea will fit in. The first target would be at Fibonacci retracement 0.618 around $7200 and my second target would be at $5500 because it is Fibonacci retracement 0.786 and it also related to support line of descending channel, support uptrend line from low $3000 as well as the target of bear flag.
However, we cannot control the market so we should let the market come to us. Therefore, if Bitcoin goes up and stay above 200 daily EMA, I will change my mind and cancel my idea of bearish view.
***** THIS INFORMATION IS MY IDEA AND IS NOT RECOMMENDATION TO BUY OR SELL. IT IS TO BE USED FOR EDUCATIONAL PURPOSES ONLY. ******
Trade attivo
My first target $7200 is almost hit. If it go lower than this my next support would be 50 weekly EMA which is $6800.
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