Bearish Rising Wedge inside Bear Flag
Keeping it short and simple as always.
50 Ema is an indicator I feel comfortable working with. We can determine repetitive patterns easily and as we see the Ema 50 has been acting as a resistance area. We are approaching the Ema 50 and unless we have Bullish movements we will act as a consolidation level to keep going downwards.
I spotted 3 bearish indicators while getting close to the EMA 50. Shorting Bitcoin
Three Bearish Indications
1) Huge Bear Flag forming since the 10th of January.
2) Rising Bearish wedge that is inside the huge bear flag which could indicate its downtrend pattern.
3) Decreasing and Low Volume
I expect to Break down to our next support level around $3,000. We will probably see little pullbacks when touching the purple lines.
50 Ema is an indicator I feel comfortable working with. We can determine repetitive patterns easily and as we see the Ema 50 has been acting as a resistance area. We are approaching the Ema 50 and unless we have Bullish movements we will act as a consolidation level to keep going downwards.
I spotted 3 bearish indicators while getting close to the EMA 50. Shorting Bitcoin
Three Bearish Indications
1) Huge Bear Flag forming since the 10th of January.
2) Rising Bearish wedge that is inside the huge bear flag which could indicate its downtrend pattern.
3) Decreasing and Low Volume
I expect to Break down to our next support level around $3,000. We will probably see little pullbacks when touching the purple lines.
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