BTC gave us some good signals yesterday that we will drop. First we had a bearish re-test of the blue pennant and then we lost the support at 34k.
This puts us on a clear path to test the support at 30k. A possible scenario is on the chart whereby we touch the 30k level, dip with a wick under and then we gather momentum for a renewed uptrend forming a nice inverted head and shoulder bullish formation.
This is just a scenario, we still DO NOT know where price will go, for now 30k re-test appears near certain, if that will not stop the downtrend, then the next support levels are at 28k and 24k.
The indicators on 4h appear oversold, particularly RSI, however MACD does not give any sign of this bearish momentum fading, so we still have more to fall. On daily, the indicators look very bearish, hence there are no signs to long at this time. You could aim to prepare for some limit buy orders under 30k, but best to see how price reacts there first.
I will keep a close eye on BTC as we approach 30k.
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This puts us on a clear path to test the support at 30k. A possible scenario is on the chart whereby we touch the 30k level, dip with a wick under and then we gather momentum for a renewed uptrend forming a nice inverted head and shoulder bullish formation.
This is just a scenario, we still DO NOT know where price will go, for now 30k re-test appears near certain, if that will not stop the downtrend, then the next support levels are at 28k and 24k.
The indicators on 4h appear oversold, particularly RSI, however MACD does not give any sign of this bearish momentum fading, so we still have more to fall. On daily, the indicators look very bearish, hence there are no signs to long at this time. You could aim to prepare for some limit buy orders under 30k, but best to see how price reacts there first.
I will keep a close eye on BTC as we approach 30k.
Like and follow if you liked this idea!
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