BTC MID TERM BEARISH PENNANT SCENARIO
This is the bearish mid term scenario for BTC. On the mid BTC -0.35% could see lows of 6100 with minor wicks down to 6050. Critical supports of 6100 and 5800 still stand.
Note: Note: My long term bearish scenario is still in play.
- Pattern shows what looks to bearish pennant almost at completion.
- RSI showing rising wedge (bearish pattern) Expect fall out of rising wedge to coincide with falling out of bear pennant.
- Critical supports still stand at 6100 and 5800s
- Local support of 6400 is now local resistance and based on how the daily closes we can anticipate if structure still stands.
- EMA acting as additional resistance.
- MACD histogram is shortening showing weakness in bullish momentum
- Volume is dropping which shows upcoming price action to occur out of the pennant.
***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: Note: My long term bearish scenario is still in play.
- Pattern shows what looks to bearish pennant almost at completion.
- RSI showing rising wedge (bearish pattern) Expect fall out of rising wedge to coincide with falling out of bear pennant.
- Critical supports still stand at 6100 and 5800s
- Local support of 6400 is now local resistance and based on how the daily closes we can anticipate if structure still stands.
- EMA acting as additional resistance.
- MACD histogram is shortening showing weakness in bullish momentum
- Volume is dropping which shows upcoming price action to occur out of the pennant.
***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.***
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