Hi all, getting straight into it, seems like BTC has printed a bear flag, unable to make a sharp recovery from that 1500 drop. Technically, the flag can be be as long as the pole, but given the wedging pattern that is forming, converging at the 6500 level, it seems that a breakout (to either side) may occur any time soon.
A key indicator to watch would be the 50MA (in green) as a key overhead resistance that BTC has to contend with. On the MACD, it seems as though the blue line is looking to rollover. A rejection from the 50MA may spell trouble for BTC. Volume has been on the decline, as with the entire cryptocurrency market, so i wouldnt be surprised if the sideways/downward trend persists.
Nonetheless, the next lowest level of support is at 6000 (all time low as of February). For those bulls out there, 'be greedy when there's blood on the streets' as per the Baron Rothschild's famous quote.
Caution to all those traders out there, may the force be with you!
A key indicator to watch would be the 50MA (in green) as a key overhead resistance that BTC has to contend with. On the MACD, it seems as though the blue line is looking to rollover. A rejection from the 50MA may spell trouble for BTC. Volume has been on the decline, as with the entire cryptocurrency market, so i wouldnt be surprised if the sideways/downward trend persists.
Nonetheless, the next lowest level of support is at 6000 (all time low as of February). For those bulls out there, 'be greedy when there's blood on the streets' as per the Baron Rothschild's famous quote.
Caution to all those traders out there, may the force be with you!