Let's take a look at the daily chart. BTC has now moved under the 100 EMA (purple) and is moving away from it. The bears are still in control and the price is nowhere to be seen at the upper side of the Downtrend channel (upper red dashed line)
Instead the price is now moving to the lower wedgeline and it might break through (The Chaikin Oscillator and MACD indicators are pointing downwards) If it falls below the triangle the next stop will be the 0.786 Fib retracement. (The green area is a good opportunity to buy.)
From there on out you have to watch closely:
If the price bounces up it will retest the black extend line of the wedge. (more likely)
If it breaks through that the next stop 0.618 retracement where the ceiling is. (likely)
If it breaks through that and out of the Red downtrend channel, then the downtrend is over (highly unlikely)
If the 0.786 Fib retracement doesn't hold then we will fall down to the blue Critical support line.
From there on out it should be a sideways market until we break out of the downtrend channel. (more likely)
If it falls under the blue critical support line it's pretty much over.
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it broke through the lower wedge and is heading to the 0.786 fib retracement
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Okay the price reached into the buy order zone und is retracing upwards. first wedge will fall, next fib retracement to watch is .618. if it crosses, the retracement set a tracing stop loss order und take profit if it falls
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Volume is getting lower. The chaikin oscillator in the 1 hour chart has not crossed over the middle line and is going parallel to it, meaning that the momentum is lost and the price might fall back down. The RSI is also indicating that it will retest the .786 Fib line. If it falls throught cancel the trade and wait for the next target at 5.5k
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Volume is getting lower. The chaikin oscillator in the 1 hour chart has not crossed over the middle line and is going parallel to it, meaning that the momentum is lost and the price might fall back down. The RSI is also indicating that it will retest the .786 Fib line. If it falls throught cancel the trade and wait for the next target at 5.5k
might also be a squeeze, but I don't want to risk it
Go look at a 25 year chart for apple, or the dow or even microsoft - if blockchain tech has a future so does bitcoin?
Bitcoin was $1000 exactly one year ago - any investment thinking person would say even $1250 today is pretty good - 25% annualized.
How can u say it is over?
pessimist much!