Dear Everyone,
Welcome to my analysis on BTC,
Today we will have a look on the options that we currently have. In recent day, new triangle of doom has formed, breaking the overall uptrend channel. I see it the following, way.
1. Either we break the the triangle to upside. In this case, we can reasonably expect the inverse head and shoulders to fully form, resulting in the further upside with resistance around 13k.
2, Or we we break the triangle to the downside. In this case, formation of the double bottom pattern is probable with the reversal on the green trandline (crossing the middle of the downtrend channel).
(Who would say... Mr. Obvious)
Looking at the technical indicators. RSI has been rejected from the downtrend channel (marked with ellipse). MACD is indicating further downside with potential reversal at the black trendline, Stoch RSI is kind of indecisive but trending to show further downsides. As for the volume, it is low (normal, assuming it is Sunday).
Looking at the fundamentals. There is no much negative information coming from the media and generally the general sentiment can be assessed as neutral or slightly positive. However, the technical analysis (in my opinion) is provoking further downsides and so is highlighted by many influential technical analysts that can eventually cause panic in the market.
Disclaimer, do not trade on my charts, no warranty! :)
Best Regards,
D.
Welcome to my analysis on BTC,
Today we will have a look on the options that we currently have. In recent day, new triangle of doom has formed, breaking the overall uptrend channel. I see it the following, way.
1. Either we break the the triangle to upside. In this case, we can reasonably expect the inverse head and shoulders to fully form, resulting in the further upside with resistance around 13k.
2, Or we we break the triangle to the downside. In this case, formation of the double bottom pattern is probable with the reversal on the green trandline (crossing the middle of the downtrend channel).
(Who would say... Mr. Obvious)
Looking at the technical indicators. RSI has been rejected from the downtrend channel (marked with ellipse). MACD is indicating further downside with potential reversal at the black trendline, Stoch RSI is kind of indecisive but trending to show further downsides. As for the volume, it is low (normal, assuming it is Sunday).
Looking at the fundamentals. There is no much negative information coming from the media and generally the general sentiment can be assessed as neutral or slightly positive. However, the technical analysis (in my opinion) is provoking further downsides and so is highlighted by many influential technical analysts that can eventually cause panic in the market.
Disclaimer, do not trade on my charts, no warranty! :)
Best Regards,
D.