There was heavy resistance on the monthly Ichimoku Cloud as the base and conversion line were at the same spot.
Being rejected, there is a high probability, that the price drops and the cross of the two lines is being confirmed, a bearish signal.
Furthermore we have the cloud, which is extremely narrow and therefore easy to break-through.
The lagging span (green lagging line) on the left crossed the priced, which is typically a bearish sign. Falling through price with force would be more significant, but still a good signal.
Not on the chart:
- We closed below the 10 SMA and 21 EMA.
- The weekly doesn't look good. We need to see how it closes tonight. Closing below 8750-8800 would be really bearish.
- The Total2 chart for Altcoins got heavily rejected in the monthly chart with a gravestone doji. I expect at least another 30 Billion to leave the market.
That being said, with or without halving I believe Bitcoin is going to have a hard year, confluencing with the current situation in the world and the struggling markets.
Happy trading!
Being rejected, there is a high probability, that the price drops and the cross of the two lines is being confirmed, a bearish signal.
Furthermore we have the cloud, which is extremely narrow and therefore easy to break-through.
The lagging span (green lagging line) on the left crossed the priced, which is typically a bearish sign. Falling through price with force would be more significant, but still a good signal.
Not on the chart:
- We closed below the 10 SMA and 21 EMA.
- The weekly doesn't look good. We need to see how it closes tonight. Closing below 8750-8800 would be really bearish.
- The Total2 chart for Altcoins got heavily rejected in the monthly chart with a gravestone doji. I expect at least another 30 Billion to leave the market.
That being said, with or without halving I believe Bitcoin is going to have a hard year, confluencing with the current situation in the world and the struggling markets.
Happy trading!
