#BTC UPDATE: 4H CHART.
It looks Bullish short-term but bearish mid-term.
There are 2 main bearish patterns as you might see in the analysis. The first one is a massive Bearish Pennant and the other one is a Bearish Flag.
Divergences in this chart confirm the short bull run and the later on correction. Both MACD and RSI show a Regular Bearish Divergence and an Hidden Bullish Divergence.
Ichimoku cloud is holding pretty good so far. I think we might see another run up to $10.400 area and then if we break bearish patterns down we might see 8k level again where 50% Fibonacci Retracement of the last Bullish Run ends.
Such a deep correction might not happen tho since the overall market looks like it's recovering but I think an healthy correction is needed if we want to break 10k once for all.
It looks Bullish short-term but bearish mid-term.
There are 2 main bearish patterns as you might see in the analysis. The first one is a massive Bearish Pennant and the other one is a Bearish Flag.
Divergences in this chart confirm the short bull run and the later on correction. Both MACD and RSI show a Regular Bearish Divergence and an Hidden Bullish Divergence.
Ichimoku cloud is holding pretty good so far. I think we might see another run up to $10.400 area and then if we break bearish patterns down we might see 8k level again where 50% Fibonacci Retracement of the last Bullish Run ends.
Such a deep correction might not happen tho since the overall market looks like it's recovering but I think an healthy correction is needed if we want to break 10k once for all.