BTC has been beaten down for the past few weeks, falling from a high of $10,500 USD, to just shy of $8,500.
There is a potential (yet to be confirmed) Inverse Head + Shoulders pattern forming, but i do believe that some more downside is on the cards.
A move lower to the 61.8% fib retracement, around the $8,000 USD mark is highly likely, although the shorter term MACD is signaling that a bounce may well occur prior to that.
Overall, i think that the halvening will have a positive impact on the market, HOWEVER, should the Coronavirus continue to spread and drag markets down, then crypto is not going to be any exception, given that the space is at this juncture akin to highly speculative tech stocks.
Bullish:
- Watch for a bounce from the $8,000 USD level in the next week or so
- Keep an eye on the potential Inverse H + S pattern, which if it confirms and fires would have a target of around $15,000 USD
Bearish:
- Watch for two closes below the weekly 21 ema, this is quite a bearish directional signal
- Weekly MACD and RSI are both struggling and are bearish at this time
- Watch for a close below the monthly 9 ema, this would also be a bearish development, that may call the trend into question
Bitcoin still has some downside left in it, although the daily is hinting at a rally, the weekly chart however paints quite a bleak picture.
Should BTC breach the $8,000 USD mark, then watch the $7,000 USD level for support, a breach of that and the bull market's status can legitimately be called into question
There is a potential (yet to be confirmed) Inverse Head + Shoulders pattern forming, but i do believe that some more downside is on the cards.
A move lower to the 61.8% fib retracement, around the $8,000 USD mark is highly likely, although the shorter term MACD is signaling that a bounce may well occur prior to that.
Overall, i think that the halvening will have a positive impact on the market, HOWEVER, should the Coronavirus continue to spread and drag markets down, then crypto is not going to be any exception, given that the space is at this juncture akin to highly speculative tech stocks.
Bullish:
- Watch for a bounce from the $8,000 USD level in the next week or so
- Keep an eye on the potential Inverse H + S pattern, which if it confirms and fires would have a target of around $15,000 USD
Bearish:
- Watch for two closes below the weekly 21 ema, this is quite a bearish directional signal
- Weekly MACD and RSI are both struggling and are bearish at this time
- Watch for a close below the monthly 9 ema, this would also be a bearish development, that may call the trend into question
Bitcoin still has some downside left in it, although the daily is hinting at a rally, the weekly chart however paints quite a bleak picture.
Should BTC breach the $8,000 USD mark, then watch the $7,000 USD level for support, a breach of that and the bull market's status can legitimately be called into question
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.