BTC one step away from the abyss
Little has changed since the last analysis,
we have not found a rebound but we are lateralizing by creating a strong trading area between 28.5k and 30.5k.
The situation is dangerous to say the least, this "rising wedge" has been created which does not bode well as statistically we are faced with a pattern that is broken most of the time to the downside and could push BTC to 25k.
We are in Downtrend and this is the new trend line.
We are picking up Lowerhigh and holding 28.5k at a minimum creating a price contraction that could likely explode to the downside causing the price to drop rapidly if the Rising wedge pattern is successful.
I think at most we might see a retracement to around 33k (MA 60) but I'm totally bearish (I really hope I'm wrong).
RSI is going up making the price of BTC more and more Normal, keep in mind that on May 14th this price was oversold today it is at 40.
we have not found a rebound but we are lateralizing by creating a strong trading area between 28.5k and 30.5k.
The situation is dangerous to say the least, this "rising wedge" has been created which does not bode well as statistically we are faced with a pattern that is broken most of the time to the downside and could push BTC to 25k.
We are in Downtrend and this is the new trend line.
We are picking up Lowerhigh and holding 28.5k at a minimum creating a price contraction that could likely explode to the downside causing the price to drop rapidly if the Rising wedge pattern is successful.
I think at most we might see a retracement to around 33k (MA 60) but I'm totally bearish (I really hope I'm wrong).
RSI is going up making the price of BTC more and more Normal, keep in mind that on May 14th this price was oversold today it is at 40.
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