BITCOIN (#BTC): Bearish Flag - downtrend will continue
As was predicted even couple of days before, BTC is going down. It finished forming of reversal "Head and Shoulders" pattern and the price dropped again below $9000.
Now, on 12H TF, you can see the well-known figure named "bearish flag" with the prospect of downtrend will continue.
Let's take a look at EMA trend lines - possible "Golden Cross" failed (purple rectangle) and price dropped down. Both EMAs become strong resistances, EMA200 at $9050 and EMA50 at $8800.
MACD also indicates downward trend, and for now there is nothing to indicate rebound, at least in the coming days.
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Now, on 12H TF, you can see the well-known figure named "bearish flag" with the prospect of downtrend will continue.
Let's take a look at EMA trend lines - possible "Golden Cross" failed (purple rectangle) and price dropped down. Both EMAs become strong resistances, EMA200 at $9050 and EMA50 at $8800.
MACD also indicates downward trend, and for now there is nothing to indicate rebound, at least in the coming days.
I hope you enjoy my charts, please writte your comments, hit that like button or follow me. Thank you!
コメント:
Important trendline's resistances such as EMA200 and EMA50 are above us, around $8800. If BTC get through these resistance, the new Elliott's Wave will begin. We need to daily close above $8800 and open with bullish candle. So, our profit targets will be $9300/$9500/$9900.
On the other hand, if BTC fails - our first buy target will be around $7300. Rebound at this price is expected.
Conclusion - in next hours, BTC will re-test $8800 resistance again. It is possible with significant volume only. So, keep watching volume profile.