This the bearish scenario long term with BTC. I will be breaking the chart down through bullet points so that it is easy to understand.
Note: This is a bearish long term scenario, I will publish a bullish scenario so you can compare. This is strictly based on technical analysis and any catalyst like approval of ETFs could alter the course of this T/A.
- Pattern shows what looks to be a bearish descending triangle. (google bearish descending triangle and compare)
- Highs are getting lower and consistently rejecting at upper trend line.
- Ichimoku failed to truly print inside the kumo cloud. Rejecting off the bottom side of the kumo cloud. Tekan Sen failed to closed distance with Kijun Sen.
- MAC D is overextended with histogram shortening, indicating loss of buyer volume.
- Stoch RSI has been overextended for past couple of days finally showing a double top. Historical double tops on the long periods have shown break down.
- RSI showing a sharp slope downwards.
Critical supports are 6100 followed by 5800.
Intermediate Supports with potential bounces are 6800, 6600, 6250.
Trading View Disclaimer:
***Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment. Investments can be very risky and any investor should educate themselves before investing by enlisting the help of a licensed financial professional. Past results are not indicative of future results in any construable way.***
Note: This is a bearish long term scenario, I will publish a bullish scenario so you can compare. This is strictly based on technical analysis and any catalyst like approval of ETFs could alter the course of this T/A.
- Pattern shows what looks to be a bearish descending triangle. (google bearish descending triangle and compare)
- Highs are getting lower and consistently rejecting at upper trend line.
- Ichimoku failed to truly print inside the kumo cloud. Rejecting off the bottom side of the kumo cloud. Tekan Sen failed to closed distance with Kijun Sen.
- MAC D is overextended with histogram shortening, indicating loss of buyer volume.
- Stoch RSI has been overextended for past couple of days finally showing a double top. Historical double tops on the long periods have shown break down.
- RSI showing a sharp slope downwards.
Critical supports are 6100 followed by 5800.
Intermediate Supports with potential bounces are 6800, 6600, 6250.
Trading View Disclaimer:
***Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment. Investments can be very risky and any investor should educate themselves before investing by enlisting the help of a licensed financial professional. Past results are not indicative of future results in any construable way.***