$BTC aiming for $8,400 but with bearish intraday trend - #crypto
Bitcoin made a 10 months high on May 16th. It reached levels near $8,400 that were not seen since July 2018. After making this 2019 new high, the price retraced exactly to $7,000 to consolidate the latest pumps.
Now, Bitcoin is going up again and aiming for R1. However, in this 30 minutes chart we can see how its price has made three decreasing maximums in a row. Maximums or pivots that are below the previous ones usually mean that there are bearish pressures, nevertheless, it still is in an upward channel. If it breaks the upward line that is currently supporting the price we could expect further falls.
Currently, the BTC finds itself in a symmetrical triangle, which indicates that once the triangle is almost completed, the price will make a sharp move up or down.
--CRYPTOHOPPER--
cryptohopper.com
Disclaimer: None of these statements are financial advice. Cryptohopper is a trading platform that allows the user to trade with cryptocurrencies according to their strategies and signals. The information provided by the staff is merely informative.
Market analysis provided by Antonio Verdu, TA specialist at Cryptohopper.
Now, Bitcoin is going up again and aiming for R1. However, in this 30 minutes chart we can see how its price has made three decreasing maximums in a row. Maximums or pivots that are below the previous ones usually mean that there are bearish pressures, nevertheless, it still is in an upward channel. If it breaks the upward line that is currently supporting the price we could expect further falls.
Currently, the BTC finds itself in a symmetrical triangle, which indicates that once the triangle is almost completed, the price will make a sharp move up or down.
--CRYPTOHOPPER--
cryptohopper.com
Disclaimer: None of these statements are financial advice. Cryptohopper is a trading platform that allows the user to trade with cryptocurrencies according to their strategies and signals. The information provided by the staff is merely informative.
Market analysis provided by Antonio Verdu, TA specialist at Cryptohopper.
Comment:
The Bitcoin price broke the lower part of the triangle, made a pull-back to it and continued going down to S1.
Now the price, as said in the previous comment, is hovering around $7,600 and $7,500. This can be interpreted as a consolidation process that might even lead to further falls.
--CRYPTOHOPPER--
Now the price, as said in the previous comment, is hovering around $7,600 and $7,500. This can be interpreted as a consolidation process that might even lead to further falls.
--CRYPTOHOPPER--
Potential bearish outlook, still to be confirmed.