Three days ago, I shared a forecast here giving everyone a heads-up of what to expect from Bitcoin. The main reason I posted that forecast was because the top traders here were far too bullish at that time, to the point where they ignored all the tell tale signs of a bearish continuation that I mentioned in that forecast (click chart below).
Today's forecast would allow us to view the trend at a granular level. We can see that price has fallen below a short-term bullish trendline which is a bearish sign. That said, the bulls can still recover and flourish this crimson market by pushing its price back above the trendline near $10000, which I imagine is exactly what they are trying to do now. It won't be easy as dynamic resistance (sell walls) from Bear Team are starting to erect around $9800 - $10000. At the same time, we have dynamic support (buy walls) from Bull Team forming at 9470 - 9570 so that should allow Bitcoin to take a breather over the short term. If Bitcoin can recover and get a daily close above $10000, then we would definitely see more upside over next week. If the lower dynamic support at $9470 collapses, on the other hand, then all hands on deck because the bulls would have lost their last chance to redemption.
If you want my premium Bitcoin forecast that covers a larger timeframe and has key levels of where to buy and sell, DM me.
Today's forecast would allow us to view the trend at a granular level. We can see that price has fallen below a short-term bullish trendline which is a bearish sign. That said, the bulls can still recover and flourish this crimson market by pushing its price back above the trendline near $10000, which I imagine is exactly what they are trying to do now. It won't be easy as dynamic resistance (sell walls) from Bear Team are starting to erect around $9800 - $10000. At the same time, we have dynamic support (buy walls) from Bull Team forming at 9470 - 9570 so that should allow Bitcoin to take a breather over the short term. If Bitcoin can recover and get a daily close above $10000, then we would definitely see more upside over next week. If the lower dynamic support at $9470 collapses, on the other hand, then all hands on deck because the bulls would have lost their last chance to redemption.
If you want my premium Bitcoin forecast that covers a larger timeframe and has key levels of where to buy and sell, DM me.
