BEARISH CASE ANALYSIS FOR BTC
Bullish or Bearish, it's always a good idea to see below the surface and trade cautiously managing risks. BTC has a bullish sentiment overall, however structural analysis is painting a cautious sign to be too over optimistic. The cup and handle pattern formed is still not confirmed and can fail. I have seen these many times in my trading experience.
On the chart we have weak RSI (just above 60) heading into new all time high attempt, a shooting star candle on the weekly chart, a failed new high zone forming a double tops pattern. These don't support a strong bullish case. There is also a daily RSI and MACD divergence which has propelled the pullback since this publication. I am watching for when this divergence is played out completely to assess a bulls case structure.
Of course I agree with the bulls on the touch of the daily Bollinger band and if support is found at the 21 EMA or $68300 price level then we're off to another bulls run. I just want to share my thoughts on BTC price structure. Cheers !
On the chart we have weak RSI (just above 60) heading into new all time high attempt, a shooting star candle on the weekly chart, a failed new high zone forming a double tops pattern. These don't support a strong bullish case. There is also a daily RSI and MACD divergence which has propelled the pullback since this publication. I am watching for when this divergence is played out completely to assess a bulls case structure.
Of course I agree with the bulls on the touch of the daily Bollinger band and if support is found at the 21 EMA or $68300 price level then we're off to another bulls run. I just want to share my thoughts on BTC price structure. Cheers !
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