It looks like bitcoin was unable to break strong resistance and what we are seeing is a clear "shooting star" reversal pattern. The chart is pretty clear and speaks for itself.
BEARISH SCENARIO (70-80% chance): ============================== This is the most probable scenario in my opinion. The fact that btc failed to break resistance PLUS the reversal pattern on the daily chart and lack of volume tells me that we are going down, probably near 5000s again.
BULLISH SCENARIO (20-30% chance): ============================== This is less likely, but still a possibility. The AO indicator is bullish, but not strong enough, we would need to see a good amount of volume to break above resistance. EMAs also look potentially bullish, it just need a good strong green candle to finish crossing all other EMAs.
* Percentages are just for fun, I'm not the oracle. Do not take this chart as trading advice, this is just my view.
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Other indicators are also bearish:
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Added levels of support and an alternative bullish play if we bounce off strong support (orange trend line)
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BTC broke resistance, if you are shorting BTC, then keep a good eye on it. The bullish scenario (image above) could play. We should get a better idea in the next hours / days.
We should go down...but in my heart I don't actually believe we will. Everything's just been opposite day for a while now.
davec83
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@nfs5, I would prefer if it goes up, but we have to be ready for every option.
Marzo999
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that will be a snowball in a hell chance.. big bears are dead already.
davec83
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@Marzo999, I'm not seeing the volume necessary to breakout. But with crypto anything can happen, that's why I also talk about a less-likely bullish scenario. We will know soon imo.
Marzo999
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@davec83, the volume is coming in march i believe. one week left.. lets see
davec83
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@Marzo999, I don't do fundamentals, not saying they don't matter, but I just do charts. I do think that once we are over the correction, BTC is going up BIG time in 2018-2019.