BTC - Path direction should be downwards and not upwards
The 9 day chart shows an evening star candle on top after a strong bullish move up .
The evening star candle on top of strong bullish candles indicates a trend change and the expectation is price should reverse direction .
In this case that movement should be downwards and not upwards .
My thought is BTC is still paying out the Bear-trap mentioned in the chart below and patience is warranted.
In the current setup a fake-out could also play out where price pushes back to 23600 and then reveres downwards.
The flip side ...Could BTC possibly move up from here ?
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Sure ...Anything is possible in the crypto market and id expect it would have to be a large bullish candle to move past 24083.
...However this said I'm still expecting the next major movement to be downwards.
The evening star candle on top of strong bullish candles indicates a trend change and the expectation is price should reverse direction .
In this case that movement should be downwards and not upwards .
My thought is BTC is still paying out the Bear-trap mentioned in the chart below and patience is warranted.
In the current setup a fake-out could also play out where price pushes back to 23600 and then reveres downwards.
The flip side ...Could BTC possibly move up from here ?
------------------------------------------------------------
Sure ...Anything is possible in the crypto market and id expect it would have to be a large bullish candle to move past 24083.
...However this said I'm still expecting the next major movement to be downwards.