#Bitcoin_Update
After a trial for a breakout and reversal bull trend Bitcoin couldn't manage to go further longer way in the mean time. On the reversal move of a rejection at around 11069$ it started another downward move with a formation of a rising wedge and a head and shoulders pattern for now. It is trying to hold the 10K level but still didn't confirm in the longer term time frames.
MACD and RSI looking in a bear mode for the short term. Volume is going lower in the mean time. EMA is also showing a bear movement for the short term. Still didn't get a confirmed indication in the trend for now.
-Therefore our conclusion for now is the outcome of 2 main scenario's at the moment.
Scenario 1 : is to continue further for more correction and might even fulfill our first technical study call when Bitcoin started its major correction of an expanded flat corrective wave. By this we might as well see another downward move upto 9000$ and 9500$ area.
Sceanrio 2 : If the candle stick formation of the current candle could manage to close as a hammer formation it might be a good thing but it is very very low possibility to see this scenario seeing the indication at this point.
By this the conclusion seems to be on the side of at least a short term correction upto 9500$ and and might further go down further upto 9050$ area too.
We will be updating more ideas on this trend further in the short term.
Stay Tuned.
@cryptotalk_et
After a trial for a breakout and reversal bull trend Bitcoin couldn't manage to go further longer way in the mean time. On the reversal move of a rejection at around 11069$ it started another downward move with a formation of a rising wedge and a head and shoulders pattern for now. It is trying to hold the 10K level but still didn't confirm in the longer term time frames.
MACD and RSI looking in a bear mode for the short term. Volume is going lower in the mean time. EMA is also showing a bear movement for the short term. Still didn't get a confirmed indication in the trend for now.
-Therefore our conclusion for now is the outcome of 2 main scenario's at the moment.
Scenario 1 : is to continue further for more correction and might even fulfill our first technical study call when Bitcoin started its major correction of an expanded flat corrective wave. By this we might as well see another downward move upto 9000$ and 9500$ area.
Sceanrio 2 : If the candle stick formation of the current candle could manage to close as a hammer formation it might be a good thing but it is very very low possibility to see this scenario seeing the indication at this point.
By this the conclusion seems to be on the side of at least a short term correction upto 9500$ and and might further go down further upto 9050$ area too.
We will be updating more ideas on this trend further in the short term.
Stay Tuned.
@cryptotalk_et
