20/05/2020
In my previous chart I had shown a flag formation coming from a bullish market. I mentioned I would draw it as a pennant and today an unexpected dump broke it down a few hundred dollars and volatility was going crazy for about an hour or so before settling around the 9500s.
This chart may be a little premature but it shows another possible flag formation. We are currently still above the Ichi cloud but the RSI is in netural territory. The 50MA is crossing the 200MA and BTC seems to have been riding the 20MA i believe since May 10th. The MACD histogram is converging bearish with the MACD signal and price line high above the histogram.
The market is very unpredictable IMO but there is room for another drop but on the other side there is still room for a climb back up to test the 10K resistance again.
The more times we test a S/R line the less likely we are to break it, if we test 2 or 3 times we should expect a break. Any more than 3 times I question why we are struggling to break this line. This is where market sentiment comes in and you need to gauge the strength of the bulls and bears, it was looking like the bears were getting exausted and the 10K level would be broken but after that drop today, it will be a slow climb back to where we were previously IMO.
Apologies for the explaination but I hope you can see where I am coming from.
Thanks!
This chart may be a little premature but it shows another possible flag formation. We are currently still above the Ichi cloud but the RSI is in netural territory. The 50MA is crossing the 200MA and BTC seems to have been riding the 20MA i believe since May 10th. The MACD histogram is converging bearish with the MACD signal and price line high above the histogram.
The market is very unpredictable IMO but there is room for another drop but on the other side there is still room for a climb back up to test the 10K resistance again.
The more times we test a S/R line the less likely we are to break it, if we test 2 or 3 times we should expect a break. Any more than 3 times I question why we are struggling to break this line. This is where market sentiment comes in and you need to gauge the strength of the bulls and bears, it was looking like the bears were getting exausted and the 10K level would be broken but after that drop today, it will be a slow climb back to where we were previously IMO.
Apologies for the explaination but I hope you can see where I am coming from.
Thanks!
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