BTC Still Traped In Descending channel
Updated
As you can see on 4H timeframe we are still in descending channel since previous 10k
At the moment we have more room to grow downward.
It bounced perfectly over the roof of the descending channel and now heading down. As I wrote this we are in the middle of making a bear flag.
So expect the price to go down more. A lot of selling pressure happened as many investors and traders scared to a bunch of whales for controlling the market and manipulate the price lately.
RSI shows double top and heading down
MACD had a bearish cross over
Red line is most probably to happen. The other scenario is it follows the yellow line and break the descending channel up. But for sure both are heading down right now.
As long as we still in that descending channel, no real bottom is intact for sure.
Only a breakout with inside bar exiting that channel will change the trend
I'm bearish short/mid term and bullish long term
We may see the retest of 7k support. Break this 7k support, we may easily confront the 6.5k and 6k area.
At the moment we have more room to grow downward.
It bounced perfectly over the roof of the descending channel and now heading down. As I wrote this we are in the middle of making a bear flag.
So expect the price to go down more. A lot of selling pressure happened as many investors and traders scared to a bunch of whales for controlling the market and manipulate the price lately.
RSI shows double top and heading down
MACD had a bearish cross over
Red line is most probably to happen. The other scenario is it follows the yellow line and break the descending channel up. But for sure both are heading down right now.
As long as we still in that descending channel, no real bottom is intact for sure.
Only a breakout with inside bar exiting that channel will change the trend
I'm bearish short/mid term and bullish long term
We may see the retest of 7k support. Break this 7k support, we may easily confront the 6.5k and 6k area.
Note
BTC breaking out of channel. Good sign for bull
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