BTC looks bearish alongside the indicators.
We can see with the RSI indicator that a bearish divergence that has formed.
As I expected, it is currently in a sideways movement slicing through the 20 EMA. The 20 EMA has been acting as support for the candlesticks recently until now. It will need to go above the 20 EMA line to start being bullish again.
We can also see that a double top formation is present, which can lead to a target price of the 40000 to 41000 area. This will break my red support line. Experts say this correction will be healthy for the BTC price
If it does go to the 40000 area it will lead to approximately 11% correction. A correction from the all time high gives us around 30% correction.
I am open for feedback, suggestions and advice. Thanks!
We can see with the RSI indicator that a bearish divergence that has formed.
As I expected, it is currently in a sideways movement slicing through the 20 EMA. The 20 EMA has been acting as support for the candlesticks recently until now. It will need to go above the 20 EMA line to start being bullish again.
We can also see that a double top formation is present, which can lead to a target price of the 40000 to 41000 area. This will break my red support line. Experts say this correction will be healthy for the BTC price
If it does go to the 40000 area it will lead to approximately 11% correction. A correction from the all time high gives us around 30% correction.
I am open for feedback, suggestions and advice. Thanks!