Hi guys ! Again, I have no choice but to be short on BTC... This chart don't look good at all, see by yourself. I will summarize for you, but there is not much to say... You can see everything clearly on the chart.
First we have that clear second bear flag back to back with the precedent one who should of course break out downside to double bottom at 6k. Yes, as you can see on the chart, I expect a little bounce around 6k who could at best go touch the turquoise trend line and then BTC could break 6k and fall between 4k to 5k before seeing a massive bounce around at least 6k (probably more around 7-8k (turquoise line)).
The fact that BTC just broke it's long turquoise trend line who acted as strong support over the last few months is a very, very bearish sign... This trend line could now act as resistance. Also, don't forget about the death cross (the 50 daily sma cross under the 200 daily sma) that is happening right now. Yes guys, the death cross has happened already (yesterday). Last time this happened was during the last Bitcoin bear market in 2013... So again, this is not good.
However guys, this is just a scenario that will maybe never happen. This is what the chart tell me but this is just expectations.
Can't wait too see what will happen in the next week with Bitcoin !
Stay tuned my friends !
peace,
Fred
First we have that clear second bear flag back to back with the precedent one who should of course break out downside to double bottom at 6k. Yes, as you can see on the chart, I expect a little bounce around 6k who could at best go touch the turquoise trend line and then BTC could break 6k and fall between 4k to 5k before seeing a massive bounce around at least 6k (probably more around 7-8k (turquoise line)).
The fact that BTC just broke it's long turquoise trend line who acted as strong support over the last few months is a very, very bearish sign... This trend line could now act as resistance. Also, don't forget about the death cross (the 50 daily sma cross under the 200 daily sma) that is happening right now. Yes guys, the death cross has happened already (yesterday). Last time this happened was during the last Bitcoin bear market in 2013... So again, this is not good.
However guys, this is just a scenario that will maybe never happen. This is what the chart tell me but this is just expectations.
Can't wait too see what will happen in the next week with Bitcoin !
Stay tuned my friends !
peace,
Fred
