3-Day Price Action hints at another drop
Bitcoin has been erratic over Christmas which is unsurprising. However a summary of the Price Action on the 3-day chart points to the possibility of another dip.
We have a clear downtrend, a pullback into the 10-20 EMA zone and bearish candles forming over the last 7 days with strong rejections to the upside. We also have convgergence on the MACD and RSI indicators.
This is a very valid setup for a short trade and bears looking to ride the trend lower will be watching closely for a break of the previous 3-Day candle. If this level is broken (around $7120 on most exchanges) we will likely see a move further down to support or to re-test the previous lows.
That all said, I still think Bitcoin still has all the signs of a re-accumulation phase of a new bull market (see previous post). However this is just a word of caution to not jump the gun as a short term dip to $6500-$6800 before is possible.
We have a clear downtrend, a pullback into the 10-20 EMA zone and bearish candles forming over the last 7 days with strong rejections to the upside. We also have convgergence on the MACD and RSI indicators.
This is a very valid setup for a short trade and bears looking to ride the trend lower will be watching closely for a break of the previous 3-Day candle. If this level is broken (around $7120 on most exchanges) we will likely see a move further down to support or to re-test the previous lows.
That all said, I still think Bitcoin still has all the signs of a re-accumulation phase of a new bull market (see previous post). However this is just a word of caution to not jump the gun as a short term dip to $6500-$6800 before is possible.
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.