Bitcoin The effect of many Head and shoulders formations = down!
Bitcoin The effect of many Head and shoulders formations!
Here we are looking at the 90 minute chart of Bitcoin dear friends.
Bitcoin has made another lower high and lower low and so we are very likely going to descend further into the blue trend channel. The trend is your friend and the trend is down!
The red trajectory is how it could go but it could also go faster. The real panic will not occur until we drop through the bottom at 28805.
I definitely see that happening because most traders think that is where the bottom is. I don't think so but as you are already used to, I prefer not to make long term predictions because as a trader you can't do anything with them. Just step by step and review the situation every time. If Bitcoin shows bullish signs and form a bottem pattern there would be more then enough time to go long. Do not think that Bitcoin is going the fly right now. The tot market cap is also declining wich is all together bearish.
First Taget and second target is 30500 and 30000.
Then we are heading to the main target of 28805
Volume is increasing in the decline and only confirms the bearish price action.
My previous analyses with several larger head shoulder formations are all still valid but on this chart you can follow better the current action!
No long term prediction but trade what you see that is easy on your mind and gives no conflicts!
Please share your thoughts and idea's below dear friends. What do you think and why do you think it with or without a chart.
I wish you all good luck with trading!
Disclaimer This is my view, no advice to buy or sell. Also always do your own research!
--->> Dear friends please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Here we are looking at the 90 minute chart of Bitcoin dear friends.
Bitcoin has made another lower high and lower low and so we are very likely going to descend further into the blue trend channel. The trend is your friend and the trend is down!
The red trajectory is how it could go but it could also go faster. The real panic will not occur until we drop through the bottom at 28805.
I definitely see that happening because most traders think that is where the bottom is. I don't think so but as you are already used to, I prefer not to make long term predictions because as a trader you can't do anything with them. Just step by step and review the situation every time. If Bitcoin shows bullish signs and form a bottem pattern there would be more then enough time to go long. Do not think that Bitcoin is going the fly right now. The tot market cap is also declining wich is all together bearish.
First Taget and second target is 30500 and 30000.
Then we are heading to the main target of 28805
Volume is increasing in the decline and only confirms the bearish price action.
My previous analyses with several larger head shoulder formations are all still valid but on this chart you can follow better the current action!
No long term prediction but trade what you see that is easy on your mind and gives no conflicts!
Please share your thoughts and idea's below dear friends. What do you think and why do you think it with or without a chart.
I wish you all good luck with trading!
Disclaimer This is my view, no advice to buy or sell. Also always do your own research!
--->> Dear friends please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Kommentar:
Testing the neckline and then the decline ;-)
Kommentar:
Important!
Dear friends,
We see Bitcoin made a bearish wedge and also a expanding triangle. I think the expanding triangle could transform to a diamond pattern but it is still very premature to say. It will be more clear with time.
If Bitcoin break the trendchannel that could be a warning but to change the downtrend we need to look at the 4 hour chart and the last high need to be taken out = 33300. After that there need to be a higher low and that would be the signal to go long. That lower low can be confirmed with a bullish 4 hour candlestick, a double bottom and so on. I do not expect it but only price will tell.
Succes with trading!
Dear friends,
We see Bitcoin made a bearish wedge and also a expanding triangle. I think the expanding triangle could transform to a diamond pattern but it is still very premature to say. It will be more clear with time.
If Bitcoin break the trendchannel that could be a warning but to change the downtrend we need to look at the 4 hour chart and the last high need to be taken out = 33300. After that there need to be a higher low and that would be the signal to go long. That lower low can be confirmed with a bullish 4 hour candlestick, a double bottom and so on. I do not expect it but only price will tell.
Succes with trading!
Kommentar:
Dear friends,
We continue the uodates now on the newest post.
We continue the uodates now on the newest post.
Succes friends!