Outlook for BTC continues bearish as current failure to break downtrend resistance at $8,4k has potential to put BTC into another bear pennant . Indicators looking bearish on all timezones from 1hr to 4hr and sell pressure continues to build. At this point the best outcome for price action is that a bounce and reversal is found in the A box, which would cause an inverse head and shoulders with potential for trend reversal. A bounce at B, could be considered double bottom reversal and the bulls will appear again. C, would be the most troubling result an could create bastard bear flag so for the love of god if you're buying the dip tell everyone to do it at A!
Alternative possibility of Adam & Eve double bottom at C, next few days will show BTC future through March
BTC broke above previously stated resistance but continues to draw parallels with previous bear pennant setup. Price is pushing down and out of rising wedge and if it closes outside on the 4hrly looks set to visit at least 7,2K. This would be the best option as any lower and we have to start worrying about if this is another bear pennant or we can have an Adam & Eve reversal.
If we revisit 6k on this leg down, I will also rejoice, as that could give a slower more sustained recovery, in double bottom form.
BTC broke above previously stated resistance but continues to draw parallels with previous bear pennant setup. Price is pushing down and out of rising wedge and if it closes outside on the 4hrly looks set to visit at least 7,2K. This would be the best option as any lower and we have to start worrying about if this is another bear pennant or we can have an Adam & Eve reversal.
If we revisit 6k on this leg down, I will also rejoice, as that could give a slower more sustained recovery, in double bottom form.