BTC is preparing for a serious elevated reversal? technical analysis

In the article, he predicts the development of the situation in the crypto money market: According to the technical analysis, BTC can create a significant reversal bull pattern within a few days on the chart

Bitfinex BTC 6 is traded on $ 350. The reduction in cost of last 24 hours was 3,6%.

In fact, below the XNNAX-Day Moving Average (M.A.) near the BTC (UTC) near the short-term bullish outlook has become zero.

On Tuesday, the risk of deep rollback increased to $ 5,7 (February low and level of psychological support) after the reduction in price of 6%.

Nonetheless, it is not necessary that the beetle BTC received a commanding position in the market, as cryptocurrency is still doing well above the recent low of $ 5755 (June 24).

In addition, the BTC, in the form of reverse pattern "head and shoulder" (fast pattern), the bear current can not remove the level of support ($ 6 000) in the next few days

Daily chart

The fall in yesterday's $ 6 260 in BTC formed another low low (recession pattern) on the daily chart. The relative strength (RSI) index came out in favor of bear (returned to area below 50,00).

In addition, the 5-day and 10-day Moving Average (MA) bends in favor of the bear.

Long-running average - 50-A, A and 100-200-MA - arranged one over the other, indicating that at least the path of resistance directed downwards.

Thus, BTC is testing the mark of 1 2 $ for the next 6-000 days. Accepting below this level will make it possible to fall to the latest minimum ($ 5755).

Even then, the short time frame indicates that there is a possibility of a level of support at the level of BT 6000

4 hours

RSI already indicates oversold (below 30.00). If the price for additional $ 6 falls, it will be very difficult to push the bear below $ 300 to 300 dollars.

One move is that an inverted pattern can be taken to create the right shoulder of "head and shoulder" (rapid reversal pattern) - thus, as seen in the graph below, we rebound from $ 6,000 Can not rule

Daily chart: Potential reverse "head and shoulder" pattern

The BTC will rebound from the support level ($ 6,000), long-term swift reversal (rapid change of trend from recession) will be confirmed, and after that the breakdown of 6 $ 832 (neck resistance level) will be broken The amount will be accompanied by a huge surge.

The possibility of completing the BTC reverse "head and shoulder" pattern will remain high until the price is above $ 6,000

Look forward

An immediate enthusiastic approach to BTC's near tomorrow-10-day MA was canceled.
The current support level ($ 6,000) can be tested in the next 1-2 days, but the probability of a recession breakout is quite low.
With a huge surge of $ 6,000, the amount of business will rebound from BTC help to generate a rapid reversal pattern - "Inverted head and shoulders"
Daily closing down to $ 6,000 (according to UTC) will increase the likelihood of falling below 5 $ 755 (minimum 24 June)