Hello traders!
It seems that we are approaching to the edge of the triangle, just like in the middle of November. RSI and MCAD are extremely bearish, but with plenty of room for the decent downside. From the trend of past few days it seems that Bulls don’t have enough strength to reverse trend upwards. Based on past trend next drop happened in 5 days, so there is 2-3 days left, but the trend is steeper, so it may occur faster.
If the bears pull trend below 8150$, is next resistance area on the marked on the chart from 8000$ to 7400$ that is very close and not so wide. I hope it will hold. Otherwise there is quite clear path to 6000$ zone.
Good luck with trading!
It seems that we are approaching to the edge of the triangle, just like in the middle of November. RSI and MCAD are extremely bearish, but with plenty of room for the decent downside. From the trend of past few days it seems that Bulls don’t have enough strength to reverse trend upwards. Based on past trend next drop happened in 5 days, so there is 2-3 days left, but the trend is steeper, so it may occur faster.
If the bears pull trend below 8150$, is next resistance area on the marked on the chart from 8000$ to 7400$ that is very close and not so wide. I hope it will hold. Otherwise there is quite clear path to 6000$ zone.
Good luck with trading!