BTC Direction (DOWN!?)
Seeing as everyone is kind of bearish, I'd say the current market direction of bitcoin is down. Even though we have received some upside after recent drops the overall mood is still bearish.
Reason 1, 2 and 3:
1. We are currently in a daily downtrend. Although bullish RSI is seen on the 1hr and 4hr time, it is not reflected on the daily time frame,
2. Fib levels!! We are currently retracing and testing the 618 and 382 levels known as "The Golden Pocket". Which indicates trend continuation on the higher time frames.
3. Some FA Bullls..
PS, This is my first Published TA and I would really like to hear some feedback in the comments :)
Reason 1, 2 and 3:
1. We are currently in a daily downtrend. Although bullish RSI is seen on the 1hr and 4hr time, it is not reflected on the daily time frame,
2. Fib levels!! We are currently retracing and testing the 618 and 382 levels known as "The Golden Pocket". Which indicates trend continuation on the higher time frames.
3. Some FA Bullls..
PS, This is my first Published TA and I would really like to hear some feedback in the comments :)
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