Target: The box area, blue box.
Reason: As you can see the arrows basically shows the points where price touching the green line 50 EMA before falling down. I noticed that this pattern one week ago and it shows enormously a lot in my opinion. This indicates that there is a resistance running along this line. You can see that two shooting star candles were formed, followed by a big red candle. This could indicate a fall in price within a couple of hour. I believe that we are heading towards our bottom again because MACD also shows a shift of momentum. Overall, I don't believe the market can recover immediately in one day so I got to stay realistic to this.
Time frame for this drop will happen within 2 days at least. There could also be a chance of drop below the support level but of course, it will bounce from the support level first so the target should be set around the box.
Note: Feel free to draw your own conclusion.
Reason: As you can see the arrows basically shows the points where price touching the green line 50 EMA before falling down. I noticed that this pattern one week ago and it shows enormously a lot in my opinion. This indicates that there is a resistance running along this line. You can see that two shooting star candles were formed, followed by a big red candle. This could indicate a fall in price within a couple of hour. I believe that we are heading towards our bottom again because MACD also shows a shift of momentum. Overall, I don't believe the market can recover immediately in one day so I got to stay realistic to this.
Time frame for this drop will happen within 2 days at least. There could also be a chance of drop below the support level but of course, it will bounce from the support level first so the target should be set around the box.
Note: Feel free to draw your own conclusion.
Comentário:
Bears want to accumulate more food (BTC) afterall.
Comentário:
It seems like a strong trend on 4H made it possible for a retest on the resistance. It did break through but now we are seeing a hovering price movement around this area with MACD weakening towards downside. In a couple of hours, we will probably see if the bulls are enough to support the price. There has been a decrease in buy volume so I believe we may see a fall in / within 12 hour if buy volume keeps decreasing.
Comentário:
As you may see, the buy power is decreasing (Volume). Wtihn a couple of hours, we will be able to see if the price can even hover around the 50 EMA resistance on 4H chart. On the other hand, this chart also show a bearish flag and the price is just at the edge of the downfall.