We are now in short term selling zone (take a look into my last btc analyse) RSI (near overbought), Volume (getting lower) and Bollinger Bands (price at upper bands) are bearish, MACD still a bit bullish but this will turn into bearish soon to. The price touched in uptrend the 0,5 Fib Retracement and trying to get above. currently, a head and shoulder formation is forming, should Bitcoin not rise above $ 7150-7200, we will soon see a correction that would be very healthy to $ 6600 (0,5 Fib retracement zone). If we break the $ 6500, chances for a new all time low for 2018 are very high. I see no reason for a price jump above 7200 $ because long volume is getting lower and lower and more and more shorts step into the market at 7100-7200, a lot of people think that now is the time for the next run but in my opinion we have to wait another month until the vanEck ETF decision comes out.
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
