BTC below 9000 within the next two days.
This chart is very bearish. I can find no upward trend and I see three downtrending sets of slopes. So this is a very good point to short BTC. Within 2 days we could reach the median line of the pitchfork or the bottom of the downtrending channel.
I would change my opinion if we could stay above 12000 for two hours.
A breach of 8000 would be devastating with absolutely no support beneath
This chart is very bearish. I can find no upward trend and I see three downtrending sets of slopes. So this is a very good point to short BTC. Within 2 days we could reach the median line of the pitchfork or the bottom of the downtrending channel.
I would change my opinion if we could stay above 12000 for two hours.
A breach of 8000 would be devastating with absolutely no support beneath
There are 4 descending parallel lines above. It shot through the second highest one.
I will look for resistance at the edge of the pitchfork. If price retraces back to the second highest line then this is a great place to get long, with a small stop loss.
So I will look for a long about 11500. If we reject strongly from the upper parallel of the pitchfork then I will not enter any trade.