Jumping right into this analysis!
We see BTC standing strong above the 6500 support trend that has proven 'unbreakable' in the past two instances. Tested but never closed a strong candle below this level. In the past few months of the bear market we see BTC trading withing a huge descending wedge pattern (in blue).
The death cross and double topping pattern on the 200MA just confirms that we are in a bear market. But for all those shaky hands out there, there is hope.
The optimistic view is that RSI shows oversold, and is likely to repeat an upward rebound as previously proven (in yellow). IF BTC were to rebound, it will be looking to test the 50MA (in green), followed by the descending resistance (in blue).
Currently printing a 'spinning top' on the day candle, this is indicative of indecision in the market and MAY signal a reversal. It would be a really bad sign if BTC were to print a strong candle closing below the 6500 level. Though unlikely in my opinion, if this were to occur, we could enter into prolonged BTC hibernation.
We see BTC standing strong above the 6500 support trend that has proven 'unbreakable' in the past two instances. Tested but never closed a strong candle below this level. In the past few months of the bear market we see BTC trading withing a huge descending wedge pattern (in blue).
The death cross and double topping pattern on the 200MA just confirms that we are in a bear market. But for all those shaky hands out there, there is hope.
The optimistic view is that RSI shows oversold, and is likely to repeat an upward rebound as previously proven (in yellow). IF BTC were to rebound, it will be looking to test the 50MA (in green), followed by the descending resistance (in blue).
Currently printing a 'spinning top' on the day candle, this is indicative of indecision in the market and MAY signal a reversal. It would be a really bad sign if BTC were to print a strong candle closing below the 6500 level. Though unlikely in my opinion, if this were to occur, we could enter into prolonged BTC hibernation.