Bitcoin (BTC/USD): Evening Analysis, $5,000 The Magical Sport?
Daily
Trend timeframe showing strong breakout towards the downside, no signs of slowing down with stochastic rsi showing momentum heading towards the downside as well. BTC recently broke out of its continuation pattern (bearish flag) expecting BTC to continue down towards $5,000 many do not want to believe it will fall this low…those are the same people who bought BTC at or near ATH. Don’t try and convince yourself we are at bottom, when price is ready to show us the bottom we will see the bottom. Keep in mind when we start our bull market expect it to show it’s face out of no where and huge run towards the upside.
4Hour
Shifting over to our pattern timeframe we get a better look at our continuation pattern. Price has temporarily found support, a 4hour close below $6,650 and expect BTC to continue running towards the downside. Stochastic RSI showing momentum is heading towards the upside, however price showing us other wise.
Conclusion
- Buy: After Daily Support Confirmation at $5,000
- Sell: NOOOO
Comment Down below what coin you want me to do next! ;)
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Disclaimer: I am not a financial advisor nor am I giving financial advice. I am sharing my biased opinion based off speculation. You should not take my opinion as financial advice. You should always do your research before making any investment. You should also understand the risks of investing. This is all speculative based investing.
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